Crude palm oil prices drifted further lower by 0.29 per cent to Rs 578.30 per 10 kg in futures market today as speculators engaged in reducing exposure, driven by easing demand in the spot market.
Besides, sufficient stocks position following increased supplies from the producing regions, fuelled the downtrend.
At the Multi Commodity Exchange, crude palm oil for delivery in January was trading down by Rs 1.70, or 0.29 per cent to Rs 578.30 per 10 kg in business turnover of 8 lots.
Likewise, the oil for delivery in December contracts shed Rs 1.60, or 0.28 per cent to Rs 576.70 per 10 kg in 33 lots.
Analysts said offloading of positions by participants owing to slackened demand in the physical market against adequate stocks position, mainly kept crude palm oil prices lower at futures trade.
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