Crude palm oil down by 0.4% on lower demand

Crude palm oil traded lower by 0.38% to Rs 554.20 per 10 kg in futures market today as speculators reduced their holdings on account of weak demand in the spot market against adequate supplies.

 

At the Multi Commodity Exchange, crude palm oil for delivery in September traded lower by Rs 2.10, or 0.38% to Rs 554.20 per 10 kg in business turnover of 239 lots.

 

Similarly, the oil for delivery October weakened by 80 paise, or 0.15% to Rs 548.40 per 10 kg in 92 lots.

 

Market analysts said speculators reduced their holdings on the back of weak demand in the spot market against adequate supplies from producing region mainly influenced crude palm oil prices at futures trade.