Crude palm oil remains weak on global cues

Crude palm oil fell by 0.13% to Rs 445.90 per 10 kg in futures market today as speculators reduced positions in line with weak global trend.

At the Multi Commodity Exchange, the January contract declined by 60 paise, or 0.13%, to Rs 445.90 per 10 kg, with a business turnover of 129 lots.

The December contract traded marginally lower by 40 paise, or 0.09%, to Rs 440.80 per 10 kg, with a business turnover of 548 lots.

Marketmen said speculators trimmed position due to subdued global trend on concern that inventories in Indonesia and Malaysia, the largest producers, may remain high as demand slows during winter, influencing crude palm oil prices at futures trade.

Meanwhile, palm oil for February delivery lost 0.8% to $792 a tonne on the Malaysia Derivatives Exchange.