Crude palm oil down 0.6% on global cues

Oil for delivery in January edged lower by 0.59%

Tracking a weak global trend, crude palm oil prices declined by 0.62% to Rs 548.50 per 10 kg in futures trade today as speculators offloaded their positions.

At the Multi Commodity Exchange, crude palm oil for delivery in December declined by Rs 3.40, or 0.62%, to Rs 548.50 per 10 kg in business turnover of 31 lots.

Similarly, oil for delivery in January edged lower by Rs 3.30, or 0.59%, to Rs 551.40 per 10 kg in 37 lots.

Analysts said offloading of positions by speculators in tandem with a weak global trend on concern that exports from Indonesia and Malaysia, the world's largest producers, may drop this month as traders are lured by easing prices of alternate vegetable oils, mainly influenced crude palm oil prices at futures trade.

Meanwhile, palm oil for the contract for delivery in March declined 0.9% to $784 a metric tonne on the Malaysia Derivatives Exchange.