Muted demand drags down crude palm oil futures by 0.63%

Crude palm oil prices drifted lower by 0.63 per cent to Rs 567.50 per 10 kg in futures trade today as speculators trimmed their positions amid fall in demand at the spot market against adequate stocks position.
At the Multi Commodity Exchange, crude palm oil for delivery in February fell by Rs 3.60, or 0.63 per cent, to Rs 567.50 per 10 kg, in a business turnover of 86 lots.
On similar lines, the oil for delivery in March shed Rs 2.60, or 0.46 per cent, to Rs 558.90 per 10 kg in 107 lots.
Analysts said offloading of positions by traders owing to tepid demand in the spot market against ample stocks position, mainly led to the decline in crude palm oil prices at futures trade.