Crude palm oil futures dip 0.56% on muted demand

Crude palm oil prices declined 0.56 per cent to Rs 646.20 per 10 kgs in futures market today as speculators reduced exposure, taking negative cues from the spot market on subdued demand.
Besides, sufficient stocks position following higher supplies from the producing regions too fuelled the downtrend.
At the Multi Commodity Exchange, crude palm oil for delivery in April fell Rs 3.70, or 0.56 per cent, to Rs 646.20 per 10 kgs in a business turnover of 181 lots.
Likewise, the oil for delivery this month was trading lower by Rs 3.40, or 0.52 per cent, to Rs 641.50 per 10 kgs in 509 lots.

Analysts said cutting down of positions by participants owing to muted demand in the physical market against adequate stocks position on higher supplies from producing regions led to the decline in futures prices.