Crude palm oil weakens 0.6% on global cues

Subdued demand contributes to downtrend

Amid weak global trend and subdued domestic demand, crude palm oil prices traded lower by 0.60% to Rs 559.40 per 10 kg in futures trading today.

At the Multi Commodity Exchange, crude palm oil for delivery in September declined by Rs 3.40, or 0.60%, to Rs 559.40 per 10 kg, with a business turnover of 424 lots.

The August contract shed Rs 3.10, or 0.55%, to Rs 557 per 10 kg in 49 lots.

Marketmen said subdued demand in the spot market and lower trend in the global market influenced crude palm oil prices at futures trade.

Meanwhile, palm oil fell 0.4% to 3,018 ringgit a tonne on the Malaysia Derivatives Exchange.