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Crude palm oil extended gains for the second straight day with prices rising 1.40% to Rs 563.80 per 10 kg in futures trade today after speculators created positions amid strong demand in the spot markets.
At the Multi Commodity Exchange, crude palm oil for delivery in March shot up by Rs 7.80, or 1.40%, to Rs 563.80 per 10 kg in a business turnover of 428 lots.
Similarly, oil for delivery in February moved up by Rs 7.50, or 1.35%, to Rs 562 per 10 kg in 248 lots.
Analysts said speculators enlarged positions on the back of strong demand in the spot market against limited supplies from producing regions which mainly kept crude palm oil prices higher at futures trade.
