Crude palm oil futures decline on global cues

Crude palm oil prices declined by Rs 2 to Rs 524.80 per 10 kg in futures trade today as speculators reduced their positions on the back of a weakening global trend.

At the Multi Commodity Exchange, crude palm oil for June delivery declined by Rs 2, or 0.38%, to Rs 524.80 per 10 kg with an open interest for 32 lots. 

Similarly, the oil for August delivery shed Rs 1.60, or 1.60%, to Rs 524 per 10 kg in 33 lots.

Traders said speculators reduced their positions on the back of a weakening global trend, which mainly led to the fall in crude palm oil futures prices. 

Meanwhile, palm oil for August contract delivery lost 0.8% to $1,095 a metric tonne on the Malaysia Derivatives Exchange.