Muted demand drag down crude palm oil futures by 0.55%

Crude palm oil prices were down by 0.55 per cent to Rs 526.90 per 10 kg in futures trade today as traders trimmed their positions, tracking a weak trend at spot market on sluggish demand.
Besides, adequate stocks in the physical market on higher supplies from major growing regions put pressure on crude palm oil prices.
At the Multi Commodity Exchange, crude palm oil for delivery in far-month April fell by Rs 2.90, or 0.55 per cent to Rs 526.90 per 10 kg in business turnover of 265 lots.
Likewise, the oil for delivery in March contracts moved down by Rs 2.40, or 0.46 per cent to Rs 514.80 per 10 kg in 111 lots.

Marketmen said apart from low demand at the spot markets, higher supplies from producing areas weighed on crude palm oil prices at futures trade.