Palm oil down 0.5%, hurt by low spot demand

Crude palm oil prices eased further by 0.53% to Rs 428.10 per 10 kg in futures trade today as participants trimmed positions, driven by sluggish demand in the spot market.

Further, adequate stocks position in the physical market on higher supplies from major producing areas put pressure on crude palm oil prices.

At the Multi Commodity Exchange, crude palm oil for delivery in October weakened by Rs 2.30, or 0.53%, to Rs 428.10 per 10 kg, in a business turnover of 305 lots.

On similar lines, the oil for delivery in November shed Rs 1.90, or 0.44%, to Rs 430.70 per 10 kg in 261 lots.
 
Market analysts said offloading of positions by traders due to subdued demand in the spot market, mainly weighed on crude palm oil prices at futures trade.