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Crude palm oil spurted 2.99% to Rs 619.60 per 10 kg in futures trade today as speculators enlarged positions on the back of spot demand amid firming trend in global cues.
At the Multi Commodity Exchange, crude palm oil for delivery in March spurted by Rs 18, or 2.99%, to Rs 619.60 per 10 kg with a trading volume of 871 lots.
Likewise, the oil for delivery in April rose by Rs 17.90, or 2.98%, to Rs 616.60 per 10 kg, with a business volume of 861 lots.
Analysts said firming trends in both global and spot markets supported the upside in crude palm oil futures prices here.
Meanwhile, palm oil for May delivery gained 2% to trade at a 17-month high at 2,858 ringgit ($873) a tonne at the Malaysia Derivatives Exchange on speculation that dry weather in Southeast Asia may hurt production of the world's most-used cooking oil.
