Palm oil down 1% on low demand

Crude palm oil futures fell by 1.27% to Rs 459.50 per 10 kg today as speculators indulged in reducing their positions amid a weak trend at spot market on sluggish demand.

At the Multi Commodity Exchange, crude palm oil for delivery in March declined by Rs 5.90, or 1.27%, to Rs 459.50 per 10 kg in a business turnover of 252 lots.

In a similar fashion, the oil for delivery in February traded lower by Rs 5.80, or 1.26%, to Rs 456.30 per 10 kg in 211 lots.

Market analysts said offloading of positions by speculators on the back of subdued demand in the spot market against adequate stocks position mainly influenced crude palm oil prices at futures trade.