Crude palm oil down 1.6% on subdued demand

Oil for delivery in September declined by 0.93%

Crude palm oil prices moved down by Rs 8.50 to Rs 515 per 10 kg in futures trading today as speculators trimmed positions, tracking a weak trend at spot market on subdued demand.

 

At the Multi Commodity Exchange, crude palm oil for delivery in October moved down by Rs 8.50, or 1.62% to Rs 515 per 10 kg in business turnover of 42 lots.

 

Similarly, the oil for delivery in September declined by Rs 4.90, or 0.93% to Rs 523.60 per 10 kg in 90 lots.

 

Market analysts said besides adequate stocks, a weak trend at spot markets owing to sluggish demand mainly weighed on crude palm oil prices at futures trade here.