Crude palm oil sheds 1% on overseas cues

Speculators offload positions as oil loses 1.2% in Malaysia

Crude palm oil prices declined by Rs 5.70 to Rs 429.10 per 10 kg in futures trade today as speculators offloaded their positions amid a weakening overseas trend.

At the Multi Commodity Exchange, crude palm oil for delivery in January shed Rs 5.70, or 1.31 per cent, to Rs 429.10 per 10 kg in a business turnover of 322 lots.

The February contract lost Rs 5.10, or 1.15 per cent, to Rs 438.10 per 10 kg in 244 lots.

Market analysts said offloading of positions by speculators in tandem with a weakening overseas trend mainly led to the fall in crude palm oil prices at futures trade.

 

Meanwhile, palm oil prices dropped 1.2 per cent to $781 a tonne on the Malaysia Derivatives Exchange.