Crude palm oil down by 1.5% on sluggish demand

Crude palm oil prices extended yesterday's losses with prices falling by 1.46% to Rs 507.30 per 10 kg in futures market today as speculators engaged in reducing positions amid sluggish demand in the spot market.

 

At the Multi Commodity Exchange, crude palm oil for delivery in October fell further by Rs 7.50 or 1.46% to Rs 507.30 per 10 kg in business turnover of 461 lots.

 

Similarly, the oil for delivery in September lost Rs 6, or 1.13% to Rs 517.90 per 10 kg in 232 lots.

 

Market analysts said trimming of positions by speculators due to sluggish demand in the spot market mainly pulled down crude palm oil prices at futures trade.