22/03/2013 (Economic Times) - Crude palm oil futures prices rose by Rs 1.60 to Rs 456.80 per 10 kg today, extending gains for the fourth day, as speculators built up positions amid strong spot demand.

A firming trend in the overseas markets also influenced crude palm oil prices at futures trade.

On the Multi Commodity Exchange, crude palm oil for March rose by Rs 1.60, or 0.35 per cent, to Rs 456.80 per 10 kg in a business turnover of 120 lots.

Likewise, the oil for delivery in April traded higher by Rs 1.50, or 0.32 per cent, to Rs 461.40 per 10 kg in 167 lots.

Analysts said the rise in crude palm oil prices was mostly supported by rising demand at spot markets, apart from a firming trend overseas.

Globally, palm oil for delivery in June contracts rose 1 per cent to 2,480 ringgit (USD 796) a tonne on the Malaysia Derivatives Exchange, the highest price for the most-active contract since February 25 on speculations that stockpiles in Malaysia, may decline as output drops.