Crude palm oil softens 0.5% on sluggish demand

Crude palm oil for delivery in July traded lower by 0.51%

Crude palm oil prices softened by 0.52% to Rs 511.90 per 10 kg in futures trading today as speculators reduced their positions, tracking a weak trend at spot market on sluggish demand against adequate supplies.

At the Multi Commodity Exchange, crude palm oil prices for delivery in August declined by Rs 2.70, or 0.52%, to Rs 511.90 per 10 kg in business turnover of 200 lots.

Likewise, the oil for delivery in July traded lower by Rs 2.60, or 0.51%, to Rs 510.90 per 10 kg in 270 lots.

Analysts said speculators trimmed their positions, tracking a weak trend at spot market on sluggish demand against supplies from producing regions.