Crude palm oil down 0.9% on weak overseas cues

Palm oil prices for delivery in September declined by 0.61%

Crude palm oil prices fell by 0.98% to 522.70 per 10 kg in futures trade today on selling by speculators and adequate stocks position in the spot market amid a weakening overseas trend.

At the Multi Commodity Exchange, crude palm oil for October delivery fell by Rs 5.20, or 0.98%, to Rs 522.70 per 10 kg, with a trade volume of 229 lots.

Similarly, oil prices for delivery in September declined by Rs 3.30, or 0.61%, to Rs 531.50 per 10 kg, with a trading volume of 100 lots.

Traders said selling by speculators amid a weakening overseas trend and adequate stocks position in domestic markets mainly weighed on crude palm oil prices in the futures trade.
 
In Malaysia, palm oil declined to the lowest level in more than six weeks as a fall in crude prices reduced the appeal of vegetable oils as biofuel feedstock and the pace of exports slowed, the second-biggest producer.

Meanwhile, palm  dropped 1.10% to 2,268 706 dollar a metric ton on the Malaysia Derivatives Exchange.