Crude palm oil softens by 0.1% on sluggish demand

Crude palm oil futures traded a shade lower at Rs 442.80 per 10 kg today as speculators reduced positions, driven by subdued demand in the spot market.

At the Multi Commodity Exchange, crude palm oil for delivery in February month traded lower by 30 paise, or 0.07% to Rs 442.80 per 10 kg in business turnover of 48 lots.

Similarly, the oil for delivery in March contract shed 10 paise, or 0.02% to Rs 444.90 per 10 kg in 14 lots.

Market analysts said speculators trimmed positions triggered by sluggish demand in the spot market against the adequate stocks position, mainly helped crude palm oil prices to trade lower at futures trade.