Palm oil down 0.7% on low demand

Oil for delivery in August contract shed 0.67%

Crude palm oil prices fell by 0.76% to Rs 484.30 per 10 kg in futures market today as speculators offloaded positions, triggered by lower demand in the spot markets against higher supplies.

At the Multi Commodity Exchange, crude palm oil for delivery in September eased by Rs 3.70, or 0.76%, to Rs 484.30 per 10 kg in business turnover of 46 lots.

Similarly, the oil for delivery in August contract shed Rs 3.40, or 0.67%, to Rs 507.70 per 10 kg in 22 lots.

Market analysts said offloading of positions by speculators amidst sluggish demand in the spot markets against adequate supplies led to the fall in crude palm oil futures.