Crude palm oil remained weak for the second day and prices fell by another 0.42 per cent to Rs 550.30 per 10 kg in futures trade today as participants engaged in reducing their positions, driven by easing demand in the spot market.
Besides, adequate stocks position on higher supplies from the producing belts fuelled the downtrend.
At the Multi Commodity Exchange, crude palm oil for delivery in October month fell by Rs 2.30 or 0.42 per cent to Rs 550.30 per 10 kg in business turnover of 83 lots.
Likewise, the oil for delivery in September contracts traded lower by 90 paise or 0.16 per cent to Rs 562.50 per 10 kg in 87 lots.
Market analysts said trimming of positions by traders on the back of muted demand in the spot market against ample stocks position on higher supplies from producing regions mainly kept crude palm oil prices lower at futures trade.