Crude palm oil remain weak on sluggish demand

Crude palm oil remained weak for the second straight and prices fell further by 0.13% to Rs 553.20 per 10 kg in futures trade today as speculators trimmed positions amid low demand in the spot market.

At the Multi Commodity Exchange, crude palm oil for delivery in January declined by 70 paise, or 0.13% to Rs 553.20 per 10 kg in business turnover of 31 lots.

Similarly, the oil for delivery in February shed 60 paise, or 0.11% to Rs 556.70 per 10 kg in 6 lots.

Analysts said speculators trimming their positions due to sluggish demand in the spot market against adequate stocks position mainly kept pressure on crude palm oil prices at futures trade.