Crude palm oil futures slip on global cues

Crude palm oil fell by Rs 2 to Rs 488.40 per 10 kg in futures trade today as speculators reduced their positions amid a weak trend in overseas markets.

The trading sentiment turned bearish as palm oil fell to a two-week low in overseas markets on speculation that exports from Malaysia, the second-biggest grower, may slow after the Eid festival at the end of this month.

November contract ell by 0.9% to $992 per metric tonne on the Malaysia Derivatives Exchange, their lowest level since August 11.

At the Multi Commodity Exchange, August contract slipped by Rs 2, or 0.41%, to Rs 488.40 per 10 kg, with a business turnover of five lots.

September crude palm oil shed 90 paise, or 0.19%, to Rs 482.40 per 10 kg in 10 lots.

Marketmen said a weak trend in global markets mainly put pressure on crude palm oil prices in futures trade here.