Crude palm oil down 0.9% on sluggish demand

Crude palm oil for delivery in August shed 0.4%

Crude palm oil remained weak for the second day and prices declined further by 0.93% to Rs 555.20 per 10 kg in futures trading today as speculators trimmed their positions, driven by sluggish demand in the spot market.

At the Multi Commodity Exchange, crude palm oil for delivery in September month fell further by Rs 5.20, or 0.93% to Rs 555.20 per 10 kg in business turnover of 339 lots.

Similarly, the oil for delivery in August shed Rs 2.30, or 0.4% to Rs 570.30 per 10 kg in 76 lots.

Market analysts said offloading of positions by speculators amid subdued spot demand and approaching monthly settlement, mainly kept pressure on crude palm oil prices at futures trade.