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Crude palm oil prices surged 3.56% to Rs 451.30 per 10 kg in futures trade today as speculators enlarged positions, taking positive cues from spot market.
Besides, tight stocks position in the physical market on restricted arrivals from producing belts and a report of a firming global trend supported the upside.
At the Multi Commodity Exchange, crude palm oil for delivery January next year shot up by Rs 15.50, or 3.56% to Rs 451.30 per 10 kg in business turnover of 698 lots.
Similarly, the oil for delivery in December contract gained Rs 13.70, or 3.22% to Rs 439.50 per 10 kg in 216 lots.
Analysts said apart from firming trend at spot market on strong demand, limited arrivals from producing region also influenced crude palm oil prices at futures trade.
Expectations of lower output this year also impacted crude palm oil prices, they said.
