Muted demand drag down crude palm oil futures by 0.83%

Crude palm oil prices drifted lower by 0.83 per cent to Rs 539.70 per 10 kg in futures trading today as participants reduced their exposure, tracking a weak trend at spot market on low demand.
Besides, adequate stocks position on higher supplies from producing belts put pressure on crude palm oil prices.
At the Multi Commodity Exchange, crude palm oil for delivery in far-month June fell by Rs 4.50, or 0.83 per cent to Rs 539.70 per 10 kg in business turnover of 74 lots.
Similarly, the oil for delivery in May contracts shed Rs 2.50, or 0.45 per cent to Rs 547.10 per 10 kg in 195 lots.

Analysts said offloading of positions by traders due to subdued demand in the spot market against adequate stocks position on higher supplies from producing regions, mainly led to the fall in crude palm oil prices at futures trade.