Crude palm oil futures harden 0.98% on tight supply

Crude palm oil prices were trading up by 0.98 per cent to Rs 479.90 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 Multi Commodity Exchange, crude palm oil for delivery in August rose by Rs 4.70, or 0.98 per cent, to Rs 479.90 per 10 kg, in a business turnover of 1,249 lots.
Similarly, the oil for delivery this month went up by Rs 3.50, or 0.73 per cent, to Rs 482.80 per 10 kg in 553 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.