Crude palm oil futures prices surged by Rs 10.20 to Rs 574.40 per 10 kg in futures trading today, as speculators created fresh positions, taking firm cues from overseas markets.
On the Multi Commodity Exchange counter, crude palm oil for delivery in February moved up by Rs 10.20, or 1.81 per cent, to Rs 574.40 per 10 kg, with an open interest of just one lot.
Similarly, the oil for delivery in January-month contract went up by Rs 9.70, or 1.73 per cent, to Rs 568.80 per 10 kg, with a business turnover of two lots.
Market analysts said apart from a firm trend overseas, fresh buying by speculators on hopes of pick-up in demand in the spot market during marriage season, also supported the upside in crude palm oil at futures market.
Meanwhile, palm oil futures prices for March-delivery climbed two per cent a tonne on the Malaysia Derivatives Exchange.
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