Muted demand drags down crude palm oil futures by 0.97%

Crude palm oil prices fell by 0.97 per cent to Rs 541.50 per 10 kg in futures trade today as speculators trimmed their positions on the back of easing demand in the spot market against adequate stocks position.
At the Multi Commodity Exchange, crude palm oil for delivery in March month declined by Rs 5.30, or 0.97 per cent to Rs 541.50 per 10 kg in business turnover of 240 lots.
On similar lines, the oil for delivery in April contracts shed Rs 4.20, or 0.78 per cent to Rs 534.80 per 10 kg in 10 lots.
Analysts said offloading of positions by traders owing to fall in demand in the spot market against ample stocks position on increased arrivals from producing belts, mainly led to the slide in crude palm oil prices at futures trade.