Crude palm oil remains down on overseas cues

Prices down nearly 2% on cues

Continuing its slide for the third straight day, crude palm oil prices fell further by another Rs 17.10 to Rs 556 per 10 kg in futures trade today as traders engaged in offloading their positions, taking weak cues from global market.

At the Multi Commodity Exchange, crude palm oil for delivery in August declined by Rs 17.10, or 2.98%, to Rs 556 per 10 kg, with a business turnover of 1,010 lots.

The July contract fell by Rs 10.10, or 1.77%, to Rs 560 per 10 kg, with a business turnover of 494 lots.

Meanwhile, palm oil for the September contract dropped as much as 2.70% to 3,000 ringgit ($942) a tonne on the Malaysia Derivatives Exchange.

Analysts said continued off-loading of positions by speculators in line with a weak trend in overseas market on concern that a decline in exports from Malaysia, the world's second-largest grower, may increase inventories, mainly kept pressure crude palm oil futures prices.

Malaysia's exports fell 13% to 363,975 tonnes in the first 10 days of July from the same period in June.