Crude palm oil sheds 0.72% on weak overseas cues

Crude palm oil prices declined by Rs 3.70 to Rs 506.70 per 10 kg in futures trade today as speculators reduced their positions, tracking a weak trend in overseas markets.

At the Multi Commodity Exchange, crude palm oil for delivery in January declined by Rs 3.70, or 0.72%, to Rs 506.70 per 10 kg, with an open interest for 310 lots.

In a similar fashion, the oil for December contract delivery shed Rs 2.70, or 0.53%, to Rs 504 per 10 kg in 216 lots.

Traders said offloading of positions by speculators, taking cues from a weakening global trend, mainly led to the fall in crude palm oil prices in futures trade.

 

Meanwhile, palm oil for February contract delivery fell by 0.8% to $970 a metric tonne on the Malaysia Derivatives Exchange.