Crude palm oil remains weak on sluggish spot demand

Traders offload positions as stocks pile up, adding to pressure on prices

Crude palm oil prices fell by 0.11 per cent to Rs 438.50 per 10 kg in futures trade today as participants offloaded positions amid a weak trend at spot market on subdued demand.

At the Multi Commodity Exchange, crude palm oil for delivery in March shed 50 paise, or 0.11 per cent, to Rs 438.50 per 10 kg in a business turnover of 14 lots.

The April contract traded lower by 30 paise, or 0.07 per cent, to Rs 442.50 per 10 kg in 13 lots.

Market analysts said besides sluggish demand in the spot market, adequate stocks position in the physical market on higher supplies from producing belts, kept pressure on crude palm oil prices at futures trade.