Crude palm oil declines by 1% on global cues

Crude palm oil prices fell by 1% to Rs 487 per 10 kg in futures trading today as speculators reduced exposures, tracking a weak global trend.

 

At the Multi Commodity Exchange, crude palm oil prices for delivery in August declined by Rs 4.90, or 1%, to Rs 487 per 10 kg in business turnover of 212 lots.

 

Similarly, the oil for delivery in July traded lower by Rs 1.20, or 0.24%, to Rs 495.50 per 10 kg in 55 lots.

 

Market analysts said the fall in crude palm oil prices at futures trade to a weak trend overseas as supplies climbed the most since 1999 and demand expanded at the slowest pace in more than a decade.

 

 

Meanwhile, palm oil dropped 0.9% to $688 a tonne, the lowest since November 2009 on the Malaysia Derivatives.