Crude palm oil down 0.2% on weak global cues
Market analysts said offloading of positions by speculators in tandem with a weakening global trend mainly led to the fall in crude palm oil prices
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Crude palm oil prices declined by Rs 1.40 to Rs 542.10 per 10 kg today as speculators trimmed positions, tracking a weak trend overseas.
Besides, excess supplies against limited demand at the spot market also dragged the prices lower.
At the Multi Commodity Exchange, crude palm oil for delivery in December declined by Rs 1.40, or 0.25%, to Rs 542.10 per 10 kg in business turnover of 13 lots.
Likewise, the oil for delivery in January fell Rs 1.20, or 0.21%, to Rs 545.70 per 10 kg in 50 lots.
Market analysts said offloading of positions by speculators in tandem with a weakening global trend mainly led to the fall in crude palm oil prices at futures trade.
Meanwhile, palm oil for March delivery lost as much as 0.20% to 2,630 ringgit (USD 799) a metric ton on the Bursa Malaysia Derivatives Exchange.
Besides, excess supplies against limited demand at the spot market also dragged the prices lower.
At the Multi Commodity Exchange, crude palm oil for delivery in December declined by Rs 1.40, or 0.25%, to Rs 542.10 per 10 kg in business turnover of 13 lots.
Likewise, the oil for delivery in January fell Rs 1.20, or 0.21%, to Rs 545.70 per 10 kg in 50 lots.
Market analysts said offloading of positions by speculators in tandem with a weakening global trend mainly led to the fall in crude palm oil prices at futures trade.
Meanwhile, palm oil for March delivery lost as much as 0.20% to 2,630 ringgit (USD 799) a metric ton on the Bursa Malaysia Derivatives Exchange.
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First Published: Dec 27 2013 | 1:18 PM IST