Palm oil declines on global cues

Crude palm oil prices fell by Rs 3 to Rs 525.60 per 10 kg in futures market today as speculators reduced positions following weak global trend.

Meanwhile, the April contract of palm oil declined 1% to $1,034 a tonne on the Malaysia Derivatives Exchange, the biggest drop since February 2.

At the Multi Commodity Exchange, crude palm oil for delivery in February declined by Rs 3 to Rs 525.60 per 10 kg in business turnover of 279 lots.

The March contract moved down by Rs 3, or 0.56% to Rs 536.10 per 10 kg in 135 lots.

Analysts attributed the fall in crude palm oil futures to weakening global trend.