Higher supply pulls down crude palm oil at futures trade

Crude palm oil prices drifted 0.56 per cent to Rs 429.40 per 10 kg in futures market today as speculators trimmed positions, triggered by higher supplies from producing belts at spot market.
At the Multi Commodity Exchange, crude palm oil for July month declined by Rs 2.40, or 0.56 per cent to Rs 429.40 per 10 kg in business turnover of 67 lots.
Also, the oil for delivery in August traded lower by Rs 2.40, or 0.55 per cent to Rs 430.20 per 10 kg in 57 lots.
Market analysts attributed the fall in crude palm oil futures to offloading of positions by speculators, triggered by higher supplies from producing belts at spot market against subdued demand.