Crude palm oil futures remain weak, shed 0.55 pc on low demand

Crude palm oil prices declined by 0.55 per cent to Rs 481 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 May fell by Rs 2.70, or 0.55 per cent, to Rs 481 per 10 kg, in a business turnover of 324 lots.
Likewise, the oil for delivery this month traded lower by Rs 1.50, or 0.29 per cent, to Rs 507 per 10 kg in 190 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.