Crude palm oil down 1.4% on weak overseas cues

Crude palm oil prices for delivery in July declined by 0.64%

Crude palm oil prices fell by 1.44% to 476.80 per 10 kg in futures trade today on selling by speculators following weak spot and overseas markets trend on adequate stocks position.

At Multi Commodity Exchange, crude palm oil for August delivery fell by Rs 7, or 1.44%, to Rs 476.80 per 10 kg, with a trade volume of 454 lots.

Similarly, oil prices for delivery in July declined by Rs 3.20, or 0.64%, to Rs 492.20 per 10 kg, with a trading volume of 38 lots.

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

In Malaysia, palm oil fell to near the lowest level in more than three years on speculation that inventories in top growers Indonesia and Malaysia may reach to records as production increases.

The oil fell 0.70% to $673 a tonne on the Malaysia Derivatives Exchange.