Weak demand drags crude palm oil futures by 0.45%

Crude palm oil prices weakened by 0.45 per cent to Rs 642 per 10 kg in futures market today as speculators reduced exposure, driven by subdued demand in the spot market against adequate stocks position.

At the Multi Commodity Exchange, crude palm oil for delivery in May declined by Rs 2.90, or 0.45 per cent, to Rs 642 per 10 kg in business turnover of 45 lots.

Likewise, the oil for delivery in April contracts shed Rs 2.80, or 0.44 per cent, to Rs 637.50 per 10 kg in 125 lots.

Analysts said, offloading of positions by participants on the back of easing demand in the physical market against adequate stocks position on increased supplies from producing belts helped crude palm oil futures to trade lower.