Crude palm oil futures rise 0.47% on tight supply

Crude palm oil prices were higher by 0.47 per cent to Rs 552.60 per 10 kg in futures trade today as traders created fresh positions, supported by pick up in demand at the spot market.
Moreover, a tight stocks position because of fall in supplies from producing regions fuelled the uptrend.
At the Multi Commodity Exchange, crude palm oil for delivery in December rose by Rs 2.60, or 0.47 per cent, to Rs 552.60 per 10 kg, in a business turnover of 327 lots.
Similarly, the oil for delivery in current month went up by Rs 1.70, or 0.31 per cent, to Rs 545.10 per 10 kg in 229 lots.

Analysts said building up of positions by participants driven by pick up in demand at the spot market against restricted supplies from producing regions mainly kept crude palm oil prices higher in futures trade.