Crude palm oil declines 0.55% on global cues

September contract falls by similar margin

Tracking a weak global trend, crude palm oil prices declined by Rs 3 to Rs 538.70 per 10 kg in futures trade today as speculators offloaded their positions.

At the Multi Commodity Exchange, crude palm oil for delivery in October declined by Rs 3, or 0.55%, to Rs 538.70 per 10 kg, with a business turnover of 148 lots.

The September contract shed Rs 2.90, or 0.54%, to Rs 536 per 10 kg, with a business turnover of 85 lots.

Marketmen said speculators offloaded their positions on the back of weak global trend.

Meanwhile, palm oil lost 1.1% to $939 a tonne on the Malaysia Derivatives Exchange.