Crude palm oil futures slide 0.47 pc on muted demand

Crude palm oil prices declined by 0.47 per cent to Rs 637.50 per 10 kg in futures market today as speculators reduced exposure, taking negative cues from the spot market on subdued demand.

Besides, sufficient stocks position following higher supplies from the producing belts too fuelled the downtrend.

At the Multi Commodity Exchange, crude palm oil for delivery in the current month fell by Rs 3, or 0.47 per cent, to Rs 637.50 per 10 kg in a business turnover of 266 lots.

Likewise, the oil for delivery in April was trading lower by Rs 2.40, or 0.37 per cent, to Rs 643.60 per 10 kg in 290 lots.

Analysts said cutting down of positions by participants owing to muted demand in the physical market against adequate stocks position on higher supplies from producing belts mainly led to the decline in crude palm oil prices at futures trade.