New Delhi, Feb 14 (PTI) Crude palm oil prices declined 0.27 per cent to Rs 578 per 10 kgs in futures market today as speculators reduced exposure, taking negative cues from the spot market on subdued demand.
Besides, sufficient stocks position following higher supplies from the producing belts too fuelled the downtrend. At the Multi Commodity Exchange, crude palm oil for delivery in March contracts fell Rs 1.60, or 0.27 per cent, to Rs 578 per 10 kgs in a business turnover of 254 lots. Likewise, the oil for delivery in the current month was trading lower by 0.80 paise, or 0.13 per cent, to Rs 575.20 per 10 kgs in 127 lots.
Analysts said cutting down of positions by participants owing to muted demand in the physical market against adequate stocks position on higher supplies from producing belts led to the decline in crude palm oil futures.
This is published unedited from the PTI feed.