Crude palm oil futures shed 0.39% on low demand

Crude palm oil prices drifted further down by 0.39 per cent to Rs 485 per 10 kg in futures market today as speculators engaged in cutting down their positions, taking negative cues from spot market on subdued demand.
Besides, adequate stocks position following higher supplies from the producing regions, too weighed on prices.
At the Multi Commodity Exchange, crude palm oil for delivery in August declined by Rs 1.90, or 0.39 per cent, to Rs 485 per 10 kg, in a business turnover of 72 lots.
On similar lines, the oil for delivery in September traded lower by Rs 1.60, or 0.33 per cent, to Rs 484 per 10 kg in 15 lots.

Analysts said offloading of positions by participants on the back of easing demand in the spot market against ample stocks position on increased supplies from producing belts, mainly kept crude palm oil prices down at futures trade.