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Crude palm oil remained weak and prices shed 0.67% to Rs 444.00 per 10 kg in futures trade today as participants indulged in reducing positions, driven by a fall in demand in the spot market.
Also, adequate stocks in the market on higher supplies from producing belts put pressure on crude palm oil prices.
At Multi Commodity Exchange, crude palm oil for delivery in July month declined by Rs 3, or 0.67% to Rs 444.00 per 10 kg in business turnover of 148 lots.
Likewise, the oil for delivery in August contracts traded lower by a similar margin to Rs 444.00 per 10 kg in 9 lots.
Market analysts said offloading of positions by participants triggered by slackness in demand at the spot market against sufficient stocks mainly kept crude palm oil prices lower at futures trade.
