Crude palm oil futures up on spot demand

Crude palm oil prices surged by Rs 3.70 to Rs 414 per 10 kg in futures trade today as speculators created fresh positions after a rise in demand in the spot market.

At the Multi Commodity Exchange, crude palm oil for December month gained Rs 3.70, or 0.90 per cent to Rs 414 per 10 kg in one lot.

Similarly, the oil for delivery in September month traded higher by Rs 0.70, or 0.17 per cent to Rs 417 per 10 kg in a business turnover of 2 lots. 

Analysts said fresh positions created by speculators on pick up in demand in the spot market led to a rise in crude palm oil at futures market.