Crude palm oil softens by 0.2% on sluggish demand

Crude palm oil prices eased by 0.16% to Rs 430.50 per 10 kg in futures trade today as speculators indulged in offloading positions amid low demand in the spot market.

Adequate stocks position in the physical market on higher arrivals from producing regions further fuelled the downtrend.

At the Multi Commodity Exchange, crude palm oil for delivery in January next year traded lower by 70 paise, or 0.16% to Rs 430.50 per 10 kg in business turnover of 116 lots.

Likewise, the oil for delivery in December contract shed 50 paise, or 0.12% to Rs 424.50 per 10 kg in 82 lots.
 

Analysts said offloading of positions by speculators due to subdued demand in the spot market against adequate supplies from producing belts, mainly kept pressure on crude palm oil prices at futures trade.