Crude palm oil futures soften 0.85 pc on sluggish demand

Crude palm oil prices declined by 0.85 per cent to Rs 531.30 per 10 kg in futures trade today as participants reduced exposure amid easing demand in the spot market against ample stocks position.

At the Multi Commodity Exchange, crude palm oil for delivery in current month fell by Rs 4.60, or 0.85 per cent, to Rs 531.30 per 10 kg in a business turnover of 125 lots.

Similarly, the oil for delivery in April shed 0.70 paise, or 0.13 per cent, to Rs 524.30 per 10 kg in 185 lots.

Analysts said, offloading of positions by traders owing to slackened demand in the spot market against adequate stocks position on increased supplies from producing regions, mainly led to decline in crude palm oil prices at futures trade.