Crude palm oil remains weak on global cues

Sluggish demand in the spot market pulled palm oil futures down

Tracking a weakening global trend, crude palm oil prices declined further by Rs 6.20 to Rs 546.80 per 10 kg in futures trading today as speculators offloaded their positions.

At the MCX, crude palm oil for delivery in June declined by Rs 6.20, or 1.12%, to Rs 546.80 per 10 kg in business turnover of 309 lots.

The July contract shed Rs 5.60, or 1.02%, to Rs 546.10 per 10 kg in 606 lots.

Market analysts said besides weakening global trend, sluggish demand in the spot market mainly pulled down crude palm oil futures.

Palm oil may slump to $848 a tonne on the Malaysian Derivatives Exchange, analysts said.