Crude palm oil weakens 0.5% on global cues

Offloading drags July contract by 0.19%

Tracking a weak global trend, crude palm oil prices traded lower by Rs 2.80 to Rs 563.20 per 10 kg in futures trade today as speculators offloaded their positions.

At the Multi Commodity Exchange, crude palm oil for delivery in September declined by Rs 2.80, or 0.49%, to Rs 563.20 per 10 kg, with a business turnover of 839 lots.

The July contract shed Rs 1.70, or 0.19%, to Rs 564.20 per 10 kg in 60 lots.

Market analysts said speculators offloaded their positions on the back of a weak global trend, influencing crude palm oil prices at the futures market.

Meanwhile, palm oil lost 1.6% to $941 a tonne on the Malaysia Derivatives Exchange.