Crude palm oil down 0.2% on weak demand

Oil for delivery in December shed 0.12%

Crude palm oil slided for the fourth-day by losing 0.27% to Rs 560.40 per 10 kg in futures trade today as speculators reduced their positions, driven by weak demand in the spot market against adequate stocks position.

At the Multi Commodity Exchange, crude palm oil for delivery in November slided further by Rs 1.50, or 0.27%, to Rs 560.40 per 10 kg in business turnover of 165 lots.

Similarly, oil for delivery in December shed 70 paise, or 0.12%, to Rs 565 per 10 kg in 113 lots.

Analysts said offloading of positions by speculators on weak demand in the spot markets against adequate stocks positions mainly influenced crude palm oil prices at futures trade.