Crude palm oil prices declined by 0.71 per cent to Rs 638.80 per 10 kgs in futures trading today as speculators reduced their positions, triggered by easing demand in the spot market.
Ample stocks position on increased supplies from producing belts too fuelled the downtrend.
At the Multi Commodity Exchange, crude palm oil for delivery in the current month fell by Rs 4.60, or 0.71 per cent, to Rs 638.80 per 10 kgs, in a business turnover of 513 lots.
Likewise, the oil for delivery April month traded lower by Rs 3.10, or 0.48 per cent, to Rs 646.20 per 10 kgs in 134 lots.
Analysts said trimming of positions by traders due to subdued demand in the spot market against sufficient stocks position mainly led to the slide in crude palm oil prices in futures trade.
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