Crude palm oil prices softened by Rs 1.10 to Rs 525.20 per 10 kg in futures trading today owing to weak demand in the spot market against adequate supplies. Sentiment also weakened as palm oil declined in overseas markets on speculation that rising supplies from Indonesia and Malaysia will boost global stockpiles, while a slump in soybean oil to a three-year low will cut demand for the commodity used in food and fuel. At the Multi Commodity Exchange, crude palm oil for delivery in October declined by Rs 1.10, or 0.21% to Rs 525.20 per 10 kg in business turnover of 186 lots. Likewise, the oil for delivery in September shed 20 paise, or 0.04% to Rs 532.70 per 10 kg in 22 lots. Analysts said besides weak demand in the spot market amid thin global trend helped crude palm oil prices to trade marginally lower at futures trade. Meanwhile, palm oil fell 0.6% to $704 a tonne on the Malaysia Derivatives.

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