Rising for the fourth straight day, crude palm oil prices gained another 0.89 per cent to Rs 398.40 per 10 kg in futures trading as participants engaged in enlarging their positions, driven by strong demand in the spot market.
At the Multi Commodity Exchange, crude palm oil for delivery in December month advanced by Rs 3.50, or 0.89 per cent to Rs 398.40 per 10 kg in business turnover of 183 lots.
Similarly, the oil for delivery in November contracts traded higher by Re 1, or 0.26 per cent to Rs 381.50 per 10 kg in 17 lots.
Analysts said widening of positions by traders, triggered by surging demand in the spot market amid restricted supplies from producing belts mainly kept crude palm oil higher at futures trade.
They said reports a firm trend overseas also supported the upside.
