Crude palm oil futures dip on global cues

Crude palm oil prices fell by Rs 12.90 to Rs 491.60 per 10 kg in futures trade today as speculators indulged in reducing their positions on the back of a weak global trend.

At the Multi Commodity Exchange, crude palm oil delivery in January contract fell by Rs 12.90, or 2.56 per cent, to Rs 491.60 per 10 kg in a single lot.

Likewise, oil for delivery in November contract declined by Rs 9.90, or 1.99 per cent, to Rs 488.50 per 10 kg with a business turnover of 2 lots.
     
Traders said besides a weak global trend, fall in demand in the spot market mainly led to a fall in crude palm oil futures prices.
     
Meanwhile, palm oil futures for January-delivery fell 3.5 per cent on the Malaysia Derivatives Exchange.