Crude palm oil declines on sluggish demand

Adequate stocks too pulled up the price

Crude palm oil prices declined by Rs 3.30 to Rs 438.20 per 10 kg in futures trade today as traders reduced their positions.

At the Multi Commodity Exchange, the January contract declined by Rs 3.30, or 0.75% to Rs 438.20 per 10 kg in business turnover of 938 lots.

Similarly, the December contract shed Rs 1.30, or 0.31% to Rs 417.20 per 10 kg in 484 lots.

Market analysts said sluggish demand in the spot market against adequate stocks position mainly led to a fall in crude palm oil prices.