Crude palm oil futures soften on global cues

Tracking a weak global trend, crude palm oil prices softened by Rs 1.90 to Rs 439.50 per 10 kg in futures trading today as speculators pruned their positions.

At the Multi Commodity Exchange, crude palm oil for delivery in December month declined by Rs 1.90, or 0.43 per cent to Rs 439.50 per 10 kg in business turnover of 258 lots.

Likewise, the oil for delivery in November contract shed Rs 1.50, or 0.34 per cent to Rs 433.50 per 10 kg in 221 lots.

Market analysts attributed the fall in crude palm oil futures to weak global trend as a decline in exports from Malaysia, the second largest producer, this month prompted concern that global demand is weakening.

Meanwhile, palm oil for the contract for February delivery lost  0.8 per cent to 794 dollar a metric tonne on the Malaysia Derivatives Exchange.