Crude palm oil prices remain weak on sluggish demand

1% drop in September contract

Crude palm oil remained weak for the second straight day today as prices fell Rs 5.80 further to Rs 571.90 per 10 kg in futures trade because of sluggish demand in the spot market.

At the Multi Commodity Exchange, crude palm oil for delivery in September month fell by Rs 5.80, or 1% to Rs 571.90 per 10 kg in business turnover of 221 lots.

The July contract shed Rs 4.80, or 0.85% to Rs 569.90 per 10 kg in 75 lots.

Market analysts said sluggish demand against adequate stocks position in the physical market kept pressure on crude palm oil prices.