Crude palm oil prices drifted lower by 0.47 per cent to Rs 586 per 10 kgs in futures market today as speculators cut exposure, driven by easing demand in the spot market.
Besides, sufficient stocks position following increased supplies from the producing regions, fuelled the downtrend.
At the Multi Commodity Exchange, crude palm oil for delivery in March contracts was trading Rs 2.80, or 0.47 per cent, lower at Rs 586 per 10 kgs in a business turnover of 218 lots.
Likewise, the oil for delivery in current month contracts shed Rs 2.40, or 0.41 per cent, to Rs 576.80 per 10 kgs in 103 lots.
Analysts said offloading of positions by participants owing to slackened demand in the physical market against adequate stocks position kept crude palm oil prices lower in futures trade.
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