Crude palm oil futures soften by 0.28% on low demand

Crude palm oil prices drifted lower by 0.28 percent to Rs 604.80 per 10 kg in futures market today as speculators cut down positions, taking negative cues from spot market on easing demand against adequate stocks position.

At the Multi Commodity Exchange, crude palm oil for delivery in September month fell by Rs 1.70, or 0.28 percent, to Rs 604.80 per 10 kg in business turnover of 43 lots.

Likewise, oil for delivery in October month was trading lower by a similar margin to Rs 608 per 10 kg in 7 lots.

Analysts said offloading of positions by participants owing to tepid demand in the physical market against adequate stocks position mainly influenced crude palm oil prices in futures trade.