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Crude palm oil prices fell further by 2.47% to Rs 370.60 per 10 kg in futures trade today as participants engaged in reducing their exposure, tracking a weak trend at spot market on sluggish demand.
Adequate stocks position in the physical market on higher supplies from major producing belts and weak trend overseas weighed on crude palm oil prices.
At the Multi Commodity Exchange, crude palm oil for delivery in August month fell Rs 9.40, or 2.47% to Rs 370.60 per 10 kg in business turnover of 638 lots.
Likewise, the oil for delivery in September contracts declined by Rs 8.70, or 2.26% to Rs 375.70 per 10 kg in 529 lots.
Market analysts said offloading of positions by traders on the back of easing demand in the spot market mainly kept crude palm oil prices lower at futures trade.
