Crude palm oil falls 1.45% on global cues

Concerns that stockpiles in Malaysia will expand influence prices

Tracking a weak global trend, crude palm oil prices declined by Rs 6.30 to Rs 428 per 10 kg in futures trade today as speculators offloaded their positions.

At the Multi Commodity Exchange, crude palm oil for delivery in October fell by Rs 6.30, or 1.45%, to Rs 428 per 10 kg, with a business turnover of 304 lots.

The November contract lost Rs 5.50, or 1.24%, to Rs 439.50 per 10 kg, with a business turnover of 941 lots.

Marketmen said speculators offloaded positions due to a weak global trend on concerns that stockpiles in Malaysia will expand.

Meanwhile, palm oil for the contract for January delivery fell 2.8% to $829 a tonne on the Malaysia Derivatives Exchange, the most since October 15.