Crude palm oil futures fall over one pc on global cues

Crude palm oil prices fell by over one per cent to Rs 4,477 per barrel in futures trade today as speculators reduced their holdings, tracking a weakening global trend.

At the Multi Commodity Exchange, crude palm oil for October delivery fell by Rs 46, or 1.02%, to Rs 4,477 per barrel, with a business volume of two lots. 

Similarly, the oil for July delivery lost Rs 41, or 0.94%, to Rs 4,342 per barrel, with an open interest for 6,274 lots. The oil for August delivery also shed Rs 44, or 0.88%, to Rs 4,385 per barrel, with a turnover of 867 lots.   

Market analysts said the fall in crude futures was mostly due to off-loading of positions by speculators as it fell in New York, after the US's credit rating was put under review of a downgrade, raising speculation a slowdown in economic growth may affect fuel demand in the world's biggest consumer. 

Meanwhile, crude palm oil for August delivery fell by 51 cents to $97.54 a barrel on the New York Mercantile Exchange.