Muted demand drag down crude palm oil futures by 0.51%

Crude palm oil prices were down 0.51 per cent to Rs 408.40 per 10 kg in futures trade today as participants trimmed their positions, taking negative cues from spot market on sluggish demand.
At the Multi Commodity Exchange, crude palm oil for delivery in December month declined Rs 2.10, or 0.51 per cent, to Rs 408.40 per 10 kg in business turnover of 26 lots.
Likewise, the oil for delivery in November contracts weakened by Rs 1.90, or 0.47 per cent, to Rs 402.90 per 10 kg in 86 lots.
Marketmen said offloading of positions by traders on the back of weak demand in the spot market against adequate stocks position mainly influenced crude palm oil prices at futures trade.