Palm oil down 0.5% on weak spot demand

Oil for delivery in February traded lower by 0.39%

Crude palm oil prices fell 0.54% to Rs 593.70 per 10 kg in futures market today as speculators reduced their holdings, triggered by weak demand in the spot market.

At the Multi Commodity Exchange, crude palm oil for delivery in March declined by Rs 3.40, or 0.54% to Rs 593.70 per 10 kg in business turnover of 167 lots.

In a similar fashion, the oil for delivery in February traded lower by Rs 2.30, or 0.39% to Rs 589.40 per 10 kg in 38 lots.

Market analysts said offloading of positions by speculators on weak demand in the spot market against adequate stocks position, mainly kept pressure on crude palm oil prices at futures trade.