Crude palm oil down 1.77% on weak global cues

Crude palm oil prices fell further by Rs 8.60 per kg in futures trade today, largely in tandem with a weakening trend overseas amid adequate stocks in the spot markets.  

Trading sentiment remained bearish as palm oil futures in Malaysia traded moderately lower on slowing demand for the commodity among biofuel producers.   

At the Multi commodity Exchange, crude palm oil for September delivery fell by Rs 8.60, or 1.77%, to Rs 477.10 per 10 kg, with an open interest of 69 lots. 

For October delivery, the oil declined by Rs 8.40, or 1.73% to Rs 477 per 10 kg, with a trading volume of one lot. Similarly, the oil for July delivery eased by Rs 7.10, or 1.46%, to Rs 479 per 10 kg, with a trading volume of 11 lots.  

Market analysts said a weakening global trend and sufficient stocks at the spot markets mainly kept pressure on the crude palm oil prices at futures trade here.

In Malaysia, palm oil for October-delivery declined as much as 1.4% to 3,085 ringgit ($1,043) a tonne on the Malaysia Derivatives Exchange.