Crude palm oil futures soften by 0.36% on sluggish demand

Crude palm oil prices declined by 0.36 per cent to Rs 582.70 per 10 kg in futures trade today as participants reduced their 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 2.10, or 0.36 per cent to Rs 582.70 per 10 kg in business turnover of 110 lots.

Similarly, the oil for delivery in February contracts shed Rs 2.00, or 0.35 per cent to Rs 574.80 per 10 kg in 25 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.