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Crude palm oil prices declined by 0.23% to Rs 511.60 per 10 kg in futures trading today as speculators reduced positions, driven by weak demand in the spot market against sufficient supplies.
At the Multi Commodity Exchange, crude palm oil for June delivery declined by Rs 1.20, or 0.23% to Rs 511.60 per 10 kg in business turnover of 90 lots.
Similarly, the oil for delivery in July shed 70 paise, or 0.14% to 509 per 10 kg in 106 lots.
Analysts said the weakness in crude palm oil futures was mostly due to subdued demand in the spot market against adequate stocks position.
