 "Crude palm oil falls 39% on weak overseas cues")
Crude palm oil prices fell by 0.39% to Rs 559 per kg in futures trade today after speculators offloaded their holding driven by weak trend in the overseas markets.
Besides, subdued trend at domestic spot markets too put pressure on the prices.
At the Multi Commodity Exchange, crude palm oil for delivery in January fell by Rs 2.20, or 0.39%, to Rs 559 per 10 kg, with trading volume of 106 lots.
The prices for delivery in December declined by Rs 1.60, or 0.28%, to Rs 553 per 10 kg, with a trading volume of 116 lots.
Traders said offloading of positions by participants largely on weak trend overseas and low demand at domestic spot markets, mainly led to a fall in crude palm oil futures prices.
Meanwhile, palm oil for February delivery fell as much as 1.20% to 2,582 ringgit ($798) a metric tonne on the Malaysia Derivatives Exchange on speculation that demand for the commodity used in everything from noodles to biofuels is faltering amid increasing supplies of alternate oils.
Besides, subdued trend at domestic spot markets too put pressure on the prices.
At the Multi Commodity Exchange, crude palm oil for delivery in January fell by Rs 2.20, or 0.39%, to Rs 559 per 10 kg, with trading volume of 106 lots.
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Traders said offloading of positions by participants largely on weak trend overseas and low demand at domestic spot markets, mainly led to a fall in crude palm oil futures prices.
Meanwhile, palm oil for February delivery fell as much as 1.20% to 2,582 ringgit ($798) a metric tonne on the Malaysia Derivatives Exchange on speculation that demand for the commodity used in everything from noodles to biofuels is faltering amid increasing supplies of alternate oils.
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