Crude palm oil down 1.1% on sluggish demand

Oil for delivery in December declined by 0.9%

Crude palm oil moved down by 1.14% to Rs 563.50 per 10 kg in futures trading today as speculators reduced their positions, tracking a weak trend at spot market on sluggish demand.

At the Multi Commodity Exchange, crude palm oil for delivery in January moved down by Rs 6.50, or 1.14% to Rs 563.50 per 10 kg in business turnover of 164 lots.

In a similar fashion, the oil for delivery in December declined by Rs 5.40, or 0.95% to Rs 561 per 10 kg in 212 lots.

Analysts said the fall in crude palm oil prices at futures trade was mostly due to offloading of positions by speculators following a weak trend at spot market due sluggish demand.