Crude palm oil remains weak on subdued demand

Crude palm oil remained weak for the third straight session and shed 0.11% to Rs 566.70 per 10 kg in futures trade today as speculators reduced holdings on subdued demand in the spot market against adequate stocks position.

 

At the Multi Commodity Exchange, crude palm oil for delivery in December shed 60 paise, or 0.11%, to Rs 566.70 per 10 kg in business turnover of 62 lots.

 

Similarly, oil for delivery in November traded marginally lower by 20 paise, or 0.04%, to Rs 565.70 per 10 kg in 12 lots.

 

Analysts said speculators reduced holdings due to subdued demand in the spot market against adequate stocks position which mainly helped crude palm oil prices to trade lower at futures trade.