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Crude palm oil remained weak for the second day and prices fell further by 0.48% to Rs 519.20 per 10 kg in futures trade today as speculators reduced positions amid negative cues from spot market.
At the Multi Commodity Exchange, crude palm oil for delivery in August fell by Rs 2.50, or 0.48%, to Rs 519.20 per 10 kg in a business turnover of 167 lots.
Likewise, the oil for delivery in July edged lower by Rs 1.10, or 0.21%, to Rs 530.90 per 10 kg in 104 lots.
Market analysts said besides weak demand in the spot market, adequate supplies from producing regions kept pressure on crude palm oil prices at futures trade.
