Crude palm oil prices shed another 0.38 per cent to Rs 398 per 10 kg in futures market today as speculators cut bets, a move triggered by ample stocks on higher supplies from producing belts.
Sluggish demand in the spot market and bearish global cues also dampened sentiment.
At Multi Commodity Exchange, crude palm oil for delivery in September traded lower by Rs 1.50, or 0.38 per cent, to Rs 398 per 10 kg in a business turnover of 21 lots.
Similarly, the oil for delivery in August contracts declined Rs 1.20, or 0.30 per cent, to Rs 396 per 10 kg in 88 lots.
Analysts said offloading of positions by speculators, triggered by adequate stock position on higher supplies from producing regions at the spot market against weak demand mainly kept pressure on crude palm oil prices.
