Crude palm oil futures zoom 4% on strong demand

Crude palm oil prices spurted by 4 per cent to hit upper circuit at Rs 576.50 per 10 kg in futures trade today as investors extended bets, driven by a firm demand at the spot market.

Besides, a firming trend in overseas markets supported the uptrend.

At the Multi Commodity Exchange, crude palm oil for delivery in December spurted by Rs 22.10, or 4 per cent, to Rs 576.50 per 10 kg, in a business turnover of 71 lots.

Similarly, the oil for delivery for current month contract went up by Rs 21.80, or 3.98 per cent, to Rs 568.90 per 10 kg in 109 lots.

Analysts said widening of positions by participants amid pick-up in demand art the spot market against tight stocks position on restricted supplies from producing regions mainly kept crude palm oil prices higher in futures trade.

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)