Crude palm oil futures decline on global cues

Tracking a weakening global trend, crude palm oil futures declined by Rs 3 to Rs 539 per 10 kg today, as speculators offloaded their positions.

At the Multi Commodity Exchange, January crude palm oil declined by Rs 3, or 0.55%, to Rs 539 per 10 kg, with a business turnover of 109 lots.

The December contract shed Rs 1.70, or 0.32%, to Rs 536.20 per 10 kg, with a trade volume of four lots.

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

Meanwhile, palm oil declined one% to $993 per tonne on the Malaysia Derivatives Exchange.