 "Crude palm oil down 0.4% on weak overseas cues")
Crude palm oil prices fell by 0.47% to Rs 481.60 per 10 kg in futures trade today on selling by speculators following weak spot market trend on adequate stocks position.
At the Multi Commodity Exchange, crude palm oil for September delivery fell by Rs 2.30, or 0.47%, to Rs 481.60 per 10 kg, with a trade volume of 77 lots.
Similarly, oil for delivery in August declined by Rs 2.10, or 0.42%, to Rs 488.10 per 10 kg, with a trading volume of 201 lots.
The oil declined in overseas markets on speculation that a record soybean crop in the US will add to global oilseed supplies, reducing demand for the tropical oil.
The CPO prices fell 0.60% to $686 a tonne on the Malaysia Derivatives Exchange.
At the Multi Commodity Exchange, crude palm oil for September delivery fell by Rs 2.30, or 0.47%, to Rs 481.60 per 10 kg, with a trade volume of 77 lots.
Similarly, oil for delivery in August declined by Rs 2.10, or 0.42%, to Rs 488.10 per 10 kg, with a trading volume of 201 lots.
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Traders said selling by speculators amid a weakening overseas trend and adequate stocks position in domestic markets mainly led to the fall in crude palm oil prices in the futures trade.
The oil declined in overseas markets on speculation that a record soybean crop in the US will add to global oilseed supplies, reducing demand for the tropical oil.
The CPO prices fell 0.60% to $686 a tonne on the Malaysia Derivatives Exchange.
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