Crude palm oil falls by 0.35% on weak global cues

Offloading of positions by speculators in tandem with a weak global trend influenced Crude palm oil prices

Crude palm oil prices today fell 0.35% to Rs 507 per 10 kg in futures trading following partial off-loading of positions by speculators, taking weak cues from the overseas market.

 

At the Multi Commodity Exchange, crude palm oil prices for delivery in July went down by Rs 1.80, or 0.35% to Rs 507 per 10 kg in business turnover of 115 lots.

 

Similarly, the oil prices for delivery in August shed Rs 1.70, or 0.33% to Rs 508.70 per 10 kg in 120 lots.

 

Analysts said offloading of positions by speculators in tandem with a weak global trend on speculation that exports from Malaysia are poised to decline and mainly influenced crude palm oil prices at futures trade.

 

 

Meanwhile, palm oil for the contract for September retreated 0.6% to $748 a tonne on the Malaysia Derivatives.