Muted demand drags down crude palm oil futures 0.06 pc

Crude palm oil prices weakened by 0.06 per cent to Rs 509.40 per 10 kg in futures market today as traders reduced exposure amid subdued demand in the spot market.

Besides, ample stocks position following higher supplies from producing belts fuelled the downtrend.

At the Multi Commodity Exchange, crude palm oil for delivery in August shed 30 paise, or 0.06 per cent, to Rs 509.40 per 10 kg in a business turnover of 55 lots.

On similar lines, the oil for delivery in September was trading lower by 20 paise, or 0.04 per cent, to Rs 511.30 per 10 kg in 53 lots.

Analysts said offloading of positions by speculators owing to slackened demand in the spot market against ample stocks position mainly weighed on crude palm oil prices.

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