Crude palm oil falls on weak global cues

Tracking a weakening global trend, crude palm oil prices fell by Rs 3 to Rs 528.50 per 10 kg in futures trade today after speculators offloaded their positions.

At the Multi Commodity Exchange, February crude palm oil fell by Rs 3, or 0.56%, to Rs 528.50 per 10 kg, with a business turnover of five lots.

The December delivery shed Rs 1.50, or 0.29%, to Rs 517 per 10 kg, with a trade volume of 64 lots.

Traders said offloading of positions by speculators on the back of a weakening global trend mainly led to the fall in crude palm oil prices in futures trade.

Meanwhile, palm oil for February contract dropped by 2.2% to $934 per tonne on the Malaysia Derivatives Exchange.