Palm oil down 0.7% on weak global cues

Tracking a weakening global trend, crude palm oil prices fell by Rs 3.70 to Rs 529.50 per ten kg in futures trading today as speculators offloaded their positions.

At the Multi Commodity Exchange, crude palm oil for delivery in March fell by Rs 3.70, or 0.69%, to Rs 529.50 per 10 kg, with a business turnover of 236 lots.

The February contract shed Rs 2.10, or 0.40%, to Rs 521.90 per 10 kg in 173 lots.

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

 

Meanwhile, palm oil futures for April delivery declined 0.9% to USD 1,031 a tonne on the Malaysia Derivatives Exchange.