Crude palm oil down on weak overseas cues

Crude palm oil prices fell by Rs 2 to 525.80 per kg in futures trade today on selling by speculators amid adequate stock availability.

Prices of crude palm oil for January contract fell by Rs 2, or 0.37%, to Rs 525.80 per 10 kg in 50 lots, while December delivery CPO futures declined by Rs 1.40, or 0.26%, to Rs 520.60 per 10 kg, with an open interest for 26 lots.

The November contract fell by 0.90 paise, or 0.17%, to Rs 517.30 per 10 kg in 26 lots.

Traders said sustained selling pressure amid a weakening overseas trend and a rise in supply mainly led to the fall in crude palm oil prices in futures trade.

Meanwhile, palm oil declined by 1% to to 1,014 dollar per metric tonne in the major trading hub of Malaysia.