Crude palm oil futures remain weak, shed 0.49% on low demand

Crude palm oil prices fell further by 0.49 per cent to Rs 587.50 per 10 kg in futures trading today as speculators engaged in reducing positions, taking negative cues from spot market on subdued demand.

Besides, adequate stock position on increased supply from the producing belts too fuelled the downtrend.

At the Multi Commodity Exchange, crude palm oil for delivery in November fell by Rs 2.90, or 0.49 per cent to Rs 587.50 per 10 kg in business turnover of 60 lots.

On similar lines, the oil for delivery in December traded lower by Rs 2.70, or 0.46 per cent to Rs 590.60 per 10 kg in 132 lots.

Analysts said cutting down of positions by speculators on the back of sluggish demand in the physical market against ample stocks position mainly kept crude palm oil prices lower at futures trade.

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)