Crude palm oil prices declined 0.50 per cent to Rs 562 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 February fell Rs 2.80, or 0.50 per cent, to Rs 562 per 10 kg in a business turnover of 254 lots.
Likewise, the oil for delivery this month was trading lower by Rs 2, or 0.36 per cent, to Rs 555.70 per 10 kg in 111 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 led to the decline in futures prices.
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