Palm oil down 0.2% on sluggish spot demand

Oil for delivery in January contracts shed 0.15%

Crude palm oil prices softened by 0.21% to Rs 465.50 per 10 kg in futures trade today as participants offloaded positions on the back of subdued demand in spot markets.

Besides, adequate stocks position in the physical market on increased supplies from the major producing areas put pressure crude palm oil prices.

At the Multi Commodity Exchange, crude palm oil for delivery in February declined by Re one, or 0.21% to Rs 465.50 per 10 kg in business turnover of 37 lots.

Similarly, the oil for delivery in January contracts shed 70 paise, or 0.15% to Rs 459.80 per 10 kg in 23 lots.
 
Market analysts said apart from subdued demand in the spot market, adequate stocks availability mainly influenced crude palm oil prices at futures trade.