Crude palm oil futures rise 0.64% on tight supply

Crude palm oil prices were higher by 0.64 per cent to Rs 481 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 stock position because of fall in supplies from producing belts fuelled the uptrend.
At the Multi Commodity Exchange, crude palm oil for delivery in current month rose by Rs 3.10, or 0.64 per cent, to Rs 481 per 10 kg, in a business turnover of 331 lots.
Similarly, the oil for delivery in September went up by Rs 2.40, or 0.50 per cent, to Rs 480.50 per 10 kg in 95 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.