12/10/2011 (MSN) - Crude palm oil futures prices rose by Rs 1.50 to Rs 462.90 per 10 kg today, as speculators created fresh positions on expectations of a rise in spot demand for the ongoing festive season.

Firming trend in the overseas markets also influenced crude palm oil prices at futures market.

At the Multi Commodity Exchange, crude palm oil for November contract rose by Rs 1.50, or 0.32 per cent, to Rs 462.90 per 10 kg, with a trading volume of 11 lots, while October contract gained by Rs 1.40, or 0.30 per cent, to Rs 464 per 10 kg, with a business turnover of three lots.

Similarly, the oil for delivery in December moved up by 0.90 paise, or 0.19 per cent, to Rs 461.80 per 10 kg, with a business volume of six lots.

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

In addition, the December-delivery contract gained as much as 0.9 per cent to 2,818 ringgit (USD 903) a tonne on the Malaysia Derivatives Exchange in Kula Lumpur.