Crude palm oil prices drifted lower by 0.41 per cent to Rs 556.70 per 10 kg in futures trade today as participants trimmed their positions, tracking a weak trend at spot market on muted demand.
Besides, adequate stocks position on higher supplies from producing belts put pressure on crude palm oil prices.
At the Multi Commodity Exchange, crude palm oil for delivery in October month fell by Rs 2.30, or 0.41 per cent to Rs 556.70 per 10 kg in business turnover of 694 lots.
Similarly, the oil for delivery in November contracts shed 70 paise, or 0.13 per cent to Rs 540 per 10 kg in 82 lots.
Analysts said offloading of positions by traders due to sluggish demand in the spot market against adequate stocks position mainly led to decline in crude palm oil prices at futures trade.
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