Crude palm oil futures down on global cues

Tracking weakening global trend, crude palm oil prices fell by Rs 7.50 to Rs 477 per 10 kg in futures trade today.

Sentiment remained weak after palm oil dropped the most in almost two months in global markets as commodities and equities markets slumped amid concern that the US economic recovery is weakening.

At the Multi Commodity Exchange, crude palm oil for November delivery fell by Rs 7.50, or 1.55%, to Rs 477 per 10 kg, with a business turnover of two lots.

Likewise, the oil for August delivery lost Rs 4, or 0.83%, to Rs 480 per 10 kg, with a trade turnover of 263 lots.

Analysts said off-loading of positions by speculators on the back of a weakening global trend mainly led to the fall in crude palm oil prices in the futures trade.

Meanwhile, palm oil for the October-delivery contract fell 2.6% to $1,004 a tonne on the Malaysia Derivatives Exchange, the biggest loss since June 9.