Crude palm oil futures remain weak on subdued demand

Falling for the second day, crude palm oil prices drifted further lower by 0.29 per cent to Rs 489.30 per 10 kg in futures trading today as speculators engaged in reducing their positions, tracking a weak trend at spot market on sluggish demand.
At the Multi Commodity Exchange, crude palm oil for delivery in May declined by Rs 1.40, or 0.29 per cent, to Rs 489.30 per 10 kg, in a business turnover of 71 lots.
However, the oil for delivery in April held steady at Rs 516.50 per 10 kg in seven lots.
Analysts said offloading of positions by participants on the back of tepid demand in the spot market against sufficient stocks position mainly kept crude palm oil prices down at futures trade.