Crude palm oil prices drifted lower by 0.19 per cent to Rs 624 per 10 kg in futures market today as speculators cut exposure, driven by easing demand at the spot market.
Besides, sufficient stocks position following increased supplies from the producing regions, fuelled the downtrend.
At the Multi Commodity Exchange, crude palm oil for delivery in August was trading down by Rs 1.20, or 0.19 per cent, at Rs 624 per 10 kg in a business turnover of 95 lots.
Likewise, the oil for delivery in July shed Rs 1.10, or 0.17 per cent, to Rs 627.10 per 10 kg in 103 lots.
Analysts said off-loading of positions by participants owing to slackened demand in the physical market against adequate stocks position kept crude palm oil prices lower in futures trade.
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