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Crude palm oil prices softened by Rs 3.70 to Rs 508.70 per 10 kg in futures trading today as speculators booked profits at prevailing higher levels, driven by sluggish demand in the spot market against adequate stocks position.
At the Multi Commodity Exchange, crude palm oil for delivery in July softened by Rs 3.70, or 0.72%, to Rs 508.70 per 10 kg in business turnover of 357 lots.
Similarly, palm oil for delivery in the June contract shed Rs 3.60, or 0.70%, to Rs 508.30 per 10 kg in 177 lots.
Analysts said besides profit-booking by speculators at existing higher levels, sluggish demand in the spot market mainly kept pressure on crude palm oil prices at futures trade.
