11/10/2011 (MoneyControl.com) - Crude palm oil prices rose by Rs 2.70 to Rs 461.70 per 10 kg in futures trade today as speculators indulged in creating fresh positions on hopes of a rise in demand in the spot market for the festive season. A firming trend in overseas markets also influenced crude palm oil prices in the futures market.

At the Multi Commodity Exchange, crude palm oil for December contract delivery rose by Rs 2.70, or 0.58%, to Rs 461.70 per 10 kg, with a trading volume of 76 lots, while November contract CPO gained Rs 2.50, or 0.54%, to Rs 462.30 per 10 kg in 186 lots.

Similarly, the oil for October contract delivery moved up by Rs 2.30, or 0.49%, to Rs 463.80 per 10 kg, with a business volume of 573 lots.

Analysts said fresh buying by speculators on hopes of a pick-up in demand in the spot market mainly led to the rise in crude palm oil prices in the futures market.

They said a firming trend in overseas markets also supported the uptrend to some extent.

In Malaysia, palm oil advanced the most in more than a month as exports rose more than expected due to increased demand for the festival season in India, they added.