Crude palm oil futures remain weak, shed 0.49 pc on low demand

Crude palm oil prices declined further by 0.49 per cent to Rs 489.20 per 10 kg in futures trading today as speculators engaged in reducing positions, triggered by easing demand in the spot market.
Besides, ample stocks position on increased supplies from producing belts too fuelled the downtrend.
At the Multi Commodity Exchange, crude palm oil for delivery in current month fell by Rs 2.40, or 0.49 per cent, to Rs 489.20 per 10 kg, in a business turnover of 699 lots.
Likewise, the oil for delivery in July traded lower by Rs 2, or 0.41 per cent, to Rs 481 per 10 kg in 173 lots.

Analysts said trimming of positions by traders due to subdued demand in the spot market against sufficient stocks position mainly attributed the slide in crude palm oil prices at futures trade.