Crude palm oil down 0.5% on weak overseas cues

Concerns that slower global economic growth may cut consumption influences prices

Crude palm oil prices fell by Rs 3 per kg in futures trade today on selling by speculators, following weak spot market trend on adequate stocks position.

Crude palm oil for October delivery fell by Rs 3, or 0.53%, to Rs 561.60 per 10 kg, with a trade volume of 88 lots.

The September contract declined by Rs 2.80, or 0.49%, to Rs 558.50 per 10 kg, with a trading volume of 14 lots.

In Malaysia, palm oil prices dropped from 13-month high level of $984 a tonne on concerns that slower global economic growth may cut consumption.

Traders said selling by speculators amid a weakening overseas trend and adequate stocks position in domestic markets led to the fall in crude palm oil prices in futures trade.