Crude palm oil falls on sluggish demand

September contract declines 0.39%

Crude palm oil prices fell by Rs 2.20 to Rs 559.50 per 10 kg in futures market today due to the sluggish spot market demand against adequate stocks position.

At the Multi Commodity Exchange, crude palm oil for September fell by Rs 2.20, or 0.39%, to Rs 559.50 per 10 kg, with a business turnover of 891 lots.

The August contract traded lower by Rs 1.80, or 0.35%, to Rs 562.50 per 10 kg in 704 lots.

Marketmen said slackened demand in the spot market against adequate stocks position kept pressure on crude palm oil futures.