Crude palm oil futures down on weak overseas cues
Crude palm oil futures prices fell by Rs 2.90 to 512.20 per kg today on selling by speculators, due to a weakening global trend as slowing economic growth and depreciating currencies curbed demand among importers.
For the December contract, it fell by Rs 2.90, or 0.56%, to Rs 512.20 per 10 kg, with a trading business of 42 lots, while January contract declined by Rs 2.30, or 0.44%, to Rs 515.90 per 10 kg, with a trading volume of 41 lots.
Similarly, for delivery in November it eased by Rs 1.80, or 0.35%, to Rs 510.50 per 10 kg, with a trading volume of eight lots.
Traders said selling pressure by speculators picked up, as the oil fell in overseas markets on falling demand.
In Malaysia, palm oil declined 0.90% to $965 per tonne.