Crude palm oil declines 0.57% on overseas cues

India planning to tax imports to protect local growers also triggerd the downtrend

Crude palm oil futures for February declined by Rs 2.60, or 0.57%, to Rs 446.30 per 10 kg in 318 lots.

At the Multi Commodity Exchange, the January contract shed Rs 2.40, or 0.54%, to Rs 437 per 10 kg in 437 lots.

Speculators offloading their positions affected the trade.

Weakening overseas trend put pressure on crude palm oil futures.

India, the world's biggest buyer, planning to tax imports to protect local growers also triggerd the downtrend.

In Malaysia, palm oil declined on concerns that inventories may stay near record levels as exports droped.

On the Malaysia Derivatives ExchangeThe, the oil fell by 0.9% to $797 a ton .