Crude palm oil declines on global cues

August contract falls 0.23%

Tracking a weak global trend, crude palm oil futures prices declined by Rs 1.30 to Rs 568.20 per 10 kg today as speculators offloaded their positions.

At the Multi Commodity Exchange, crude palm oil for delivery in August declined by Rs 1.30, or 0.23%, to Rs 568.20 per quintal in a business turnover of 251 lots.

The September contract shed 90 paise, or 0.16%, to Rs 567.50 per 10 kg in 355 lots.

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

Meanwhile, palm oil for the October-delivery contract lost 1.4% to $929 a tonne on the Malaysia Derivatives Exchange.