Muted demand drags down crude palm oil futures by 0.50%

Crude palm oil prices eased by 0.50 per cent to Rs 490.60 per 10 kg in futures trade today as traders trimmed their positions, tracking a weak trend at spot market on sluggish demand.
Furthermore, ample stocks position on higher supplies from producing belts also fuelled the downtrend.
At the Multi Commodity Exchange, crude palm oil for delivery in July fell by Rs 2.50 or 0.50 per cent to Rs 490.60 per 10 kg in a business turnover of 260 lots.
On similar lines, the oil for delivery in far-month August contracts traded lower by Re one or 0.20 per cent to Rs 481 per 10 kg in 253 lots.

Market analysts said offloading of positions by traders and participants on the back of tepid demand in the spot market against ample stocks position on higher supplies from producing belts led to decline in crude palm oil prices at futures trade.