MARKET DEVELOPMENT
Palm Oil Down 0.6% on Higher Supply
Palm Oil Down 0.6% on Higher Supply
11/08/2015 (Business Standard) - Crude palm oil prices drifted 0.62 per cent to Rs 398 per 10 kg in futures market today as participants trimmed positions, triggered by higher supplies at spot market against subdued demand.
Crude palm oil for delivery in August month declined by Rs 2.50, or 0.62 per cent to Rs 398 per 10 kg in business turnover of 114 lots at Multi Commodity Exchange.
Likewise, the oil for delivery in September contracts traded lower by Rs 1.80, or 0.50 per cent to Rs 399.70 per 10 kg in 57 lots.
Analysts said offloading of positions by speculators, triggered by higher supplies from producing region at spot market against sluggish demand mainly led to fall in crude palm oil prices at futures trade.
Crude palm oil for delivery in August month declined by Rs 2.50, or 0.62 per cent to Rs 398 per 10 kg in business turnover of 114 lots at Multi Commodity Exchange.
Likewise, the oil for delivery in September contracts traded lower by Rs 1.80, or 0.50 per cent to Rs 399.70 per 10 kg in 57 lots.
Analysts said offloading of positions by speculators, triggered by higher supplies from producing region at spot market against sluggish demand mainly led to fall in crude palm oil prices at futures trade.