Crude palm oil down on weak overseas cues
The December delivery declined by Rs 2.70, or 0.65%, to Rs 411.40 per 10 kg
Crude palm oil prices fell by Rs 3.10 to 415 per kg in futures trade today after speculators offloaded their holding driven by weak trend in domestic as well as overseas markets.
At the Multi Commodity Exchange, January crude palm oil fell by Rs 3.10, or 0.74%, to Rs 415 per 10 kg, with trading volume of 268 lots.
The December delivery declined by Rs 2.70, or 0.65%, to Rs 411.40 per 10 kg, with a trading volume of 384 lots.
Traders said offloading of positions by participants due to a weak trend at spot markets following comfortable stocks position, mainly led to a fall in crude palm oil futures prices.
They said a weak global trend further influenced the market sentiment.
The palm oil prices traded lower at $752 a metric tonne on the Malaysia Derivatives Exchange, a major hub for supplier to the global markets. Prices have lost 28% this year as stockpiles expanded.