Crude palm oil sheds 1.1% on sluggish demand

Crude palm oil prices fell by 1.15% to Rs 455.50 per 10 kg in futures trade today as speculators trimmed positions amid a weak trend at spot market on sluggish demand.

At the Multi Commodity Exchange, crude palm oil for delivery in March fell by Rs 5.30, or 1.15%, to Rs 455.50 per 10 kg in a business turnover of 324 lots.

Similarly, the oil for delivery in February also traded lower by Rs 3.50, or 0.76%, to Rs 455.30 per 10 kg in 514 lots.

Market analysts said speculators trimmed positions due to weak demand in spot market which led to fall in crude palm oil prices at futures trade.