Palm oil down 0.7% on subdued demand

Market analysts said offloading positions by speculators due to subdued demand in the spot market led to a fall in the prices

Crude palm oil prices fell by 0.79% to Rs 589.30 per 10 kg in futures trading today as speculators offloaded their positions due to subdued demand in the spot market against sufficient supplies.

At the Multi Commodity Exchange, crude palm oil for delivery in March fell by Rs 4.70, or 0.79%, to Rs 589.30 per 10 kg in business turnover of 53 lots.

Likewise, the oil for delivery in April traded lower by Rs 4.70, or 0.78%, to Rs 591 per 10 kg in 164 lots.

Market analysts said offloading positions by speculators due to subdued demand in the spot market against adequate supplies, mainly led to a fall in crude palm oil futures prices.