Muted demand drags down crude palm oil futures 0.31%

Crude palm oil prices declined by 0.31 per cent to Rs 488 per 10 kg in futures trading today as speculators cut down positions amid easing demand in the spot market against adequate stock position.

At Multi Commodity Exchange, crude palm oil for delivery in September fell by Rs 1.50, or 0.31 per cent, to Rs 488 per 10 kg in a business turnover of 21 lots.

Likewise, the oil for delivery in August contracts shed Rs 1.40, or 0.29 per cent, to Rs 488.30 per 10 kg in 79 lots.

Analysts said trimming of positions by traders owing to tepid demand in the spot market against ample stocks mainly influenced crude palm oil prices in futures trade.