Crude palm oil prices drifted lower by 0.89 per cent to Rs 509.60 per 10 kg in futures trade today as participants indulged in reducing positions, tracking a weak trend at spot market on tepid demand.
At the Multi Commodity Exchange, crude palm oil for delivery in April fell by Rs 4.60, or 0.89 per cent to Rs 509.60 per 10 kg in business turnover of 108 lots.
On similar lines, the oil for delivery in current month contracts shed Rs 3, or 0.56 per cent to Rs 530.60 per 10 kg in 27 lots.
Market analysts said offloading of positions by traders on the back of sluggish demand in the spot market against adequate stocks position on increased supplies, mainly weighed on crude palm oil prices at futures trade.
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