Crude palm oil futures decline on sluggish demand

Crude palm oil prices declined by Rs 4 to Rs 508 per 10 kg in futures trading today as traders reduced their positions on sluggish spot markets demand.

At the Multi Commodity Exchange, crude palm oil for delivery in August declined by Rs 4, or 0.78%, to Rs 508 per 10 kg, with a business turnover of 105 lots.

June palm oil shed Rs 3.60, or 0.70%, to Rs 509.70 per 10 kg, with a business volume of 80 lots.

Market analysts said traders reduced their positions due to subdued demand in the spot market, which led to the fall in crude palm oil futures prices.