Crude palm oil futures down on poor cues from spot markets

Crude palm futures continued its slide and prices fell by another Rs 5, or 1.22 per cent, to Rs 406.50 per 10 kg today, as speculators reduced positions on fall in demand at spot markets. 

Adequate stocks positions at spot markets and weakening trend in global markets also put pressure on the refined soya oil prices.

At the Multi Commodity Exchange platform, crude palm oil for October-month fell by Rs 5, or 1.22 per cent, to Rs 406.50 per 10 kg, with an open interest of 884 lots.

Similarly, the oil for delivery in August-month eased by Rs 4.10, or 0.98 per cent, to Rs 414 per 10 kg, with a business turnover of 1,532 lots.

Market analysts said fall in refined soya oil prices was due to continued off-loading of positions by speculators on slack demand at spot markets.

Meanwhile, palm oil futures for November delivery fell by 2.3 per cent to $808 a metric tonne on the Malaysia Derivatives Exchange.