ET:Crude palm oil futures decline on sluggish demand
NEW DELHI: Crude palm oil prices declined by Rs 2.50 to Rs 547.70 per 10 kg in futures trading today after speculators reduced positions on the back of sluggish demand in the spot market against adequate stocks position.
At the Multi Commodity Exchange, crude palm oil for delivery in August declined by Rs 2.50, or 0.45 per cent, to Rs 547.70 per 10 kg, with a business turnover of 572 lots.
Likewise, the oil for delivery in September shed Rs 1.90, or 0.44 per cent, to Rs 544.30 per 10 kg in 690 lots.
Marketmen said speculators reduced their positions due to sluggish demand in the spot market against adequate stocks position influenced crude palm oil prices at futures trade.
