Crude palm oil turns weak on sluggish demand

Crude palm oil prices traded marginally lower by 0.19% to Rs 524.50 per 10 kg in futures trade today as speculators reduced their positions on sluggish demand in the spot market.

At the Multi Commodity Exchange, crude palm oil for delivery in January traded marginally lower by a rupee, or 0.19%, to Rs 524.50 per 10 kg, with a business turnover of 25 lots.

The February contract shed 60 paise, or 0.11%, to Rs 527.10 per 10 kg, with a business turnover of 613 lots.

Traders said speculators reduced their positions after fall in demand in the spot market, which mainly led to a decline in crude palm oil prices at futures market here.