Crude palm oil futures remain weak on global cues

Crude palm oil remained weak and prices edged lower by Rs 4 to Rs 519 per 10 kg in futures trade today, as speculators offloaded their positions tracking a weak trend overseas.

At the Multi Commodity Exchange, the January contract declined by Rs 4, or 0.94%, to Rs 519 per 10 kg, with a business turnover of 155 lots.

The November crude palm oil shed Rs 4, or 0.77%, to Rs 512.80 per 10 kg, with a trade volume of 17 lots.

Market analysts said the fall in crude palm oil futures prices was due to offloading of positions by traders, triggered by a weakening global trend on concern that Europe's debt crisis worsening.

Meanwhile, crude palm oil prices for February delivery declined by 2.2% to $970 a tonne, the most since October 20 on the Malaysia Derivatives Exchange.