Crude palm oil futures down on weak overseas cues

Crude palm oil prices fell by Rs 2.20 to 510.50 per kg in futures trade today on selling by speculators amid adequate stocks.

At the Multi Commodity Exchange, December crude palm oil fell by Rs 2.20, or 0.42% to Rs 510.50 per 10 kg with a turnover of 36 lots, while January month eased by Rs 1.70, or 0.32% to Rs 515.10 per 10 kg, clocking a turnover of 47 lots.

The February contract fell by Rs 1.50, or 0.28%, to Rs 520.60 per 10 kg, with trading volume of 17 lots.

Traders said reports of a weakening trend overseas, mainly led to a fall in crude palm oil prices in the future trade.

Meanwhile, in Malaysia palm oil in March delivery declined by 0.60% to 3,002 ringgit, or $941 per tonne on the Malaysia Derivatives Exchange after exports fell 16.6% to 6,68,385 tonnes in the first 15 days of December.