Crude palm oil down 0.3% on low demand

Offloading of positions by participants owing to slackened demand in the spot market influenced the commodity prices

Crude palm oil prices eased 0.26% to Rs 508.50 per 10 kg in futures trade today as traders indulged in trimming positions, tracking a weak trend at spot market on muted demand.

Besides, adequate stocks on higher supplies from producing belts put pressure on crude palm oil prices.

At the Multi Commodity Exchange, crude palm oil for delivery in July declined by Rs 1.30 or 0.26% to Rs 508.50 per 10 kg in business turnover of 16 lots.

Likewise, the oil for delivery in far-month August contracts traded lower by a similar margin to Rs 494.50 per 10 kg in 32 lots.

Market analysts said offloading of positions by participants owing to slackened demand in the spot market against sufficient stocks position on higher supplies from producing belts led to fall in crude palm oil prices at futures trade.