Crude palm oil slips on global cues

The decline in palm oil futures is attributed to a weakening global trend on concern that Greece political leaders may back out of bailout agreements

Tracking a weakening global trend, crude palm oil prices fell 0.18% to Rs 612.50 per 10 kg in futures trade today.

At the MCX, the May delivery weakened by Rs 1.10, or 0.18%, to Rs 612.50 per 10 kg in business turnover of 210 lots.

The June contract traded lower by 80 paise, or 0.13%, to Rs 614.50 per 10 kg in business turnover of 170 lots.

Market analysts attributed the decline in palm oil futures to a weakening global trend on concern that Greece political leaders may back out of bailout agreements, worsening Europe's debt crisis and hurting demand for commodities.

 

Meanwhile, palm oil for the July-delivery contract declined 0.5% to $1,087 a tonne on the Malaysia Derivatives Exchange.