New Delhi, Feb 21 (PTI) Crude palm oil prices drifted lower by 0.47 per cent to Rs 586 per 10 kgs in futures market today as speculators cut exposure, driven by easing demand in the spot market. Also Read - Gold Prices Down on Sixth Consecutive Day by 0.05% to Rs 37,551 Per 10 Gram on MCX
Besides, sufficient stocks position following increased supplies from the producing regions, fuelled the downtrend. Also Read - Crude oil prices up 1.4% on upbeat global cues
At the Multi Commodity Exchange, crude palm oil for delivery in March contracts was trading Rs 2.80, or 0.47 per cent, lower at Rs 586 per 10 kgs in a business turnover of 218 lots. Also Read - Zinc futures marginally up on firm spot cues
Likewise, the oil for delivery in current month contracts shed Rs 2.40, or 0.41 per cent, to Rs 576.80 per 10 kgs in 103 lots.
Analysts said offloading of positions by participants owing to slackened demand in the physical market against adequate stocks position kept crude palm oil prices lower in futures trade.
This is published unedited from the PTI feed.