Crude palm oil down on weak overseas cues

Crude palm oil prices fell by Rs 3.10 to 415 per kg in futures trade today after speculators offloaded their holding driven by weak trend in domestic as well as overseas markets.

At the Multi Commodity Exchange, crude palm oil for delivery in January fell by Rs 3.10, or 0.74 per cent, to Rs 415 per 10 kg, with trading volume of 268 lots.

The prices for delivery in December declined by Rs 2.70, or 0.65 per cent, to Rs 411.40 per 10 kg, with a trading volume of 384 lots.

Traders said offloading of positions by participants due to a weak trend at spot markets following comfortable stocks position, mainly led to a fall in crude palm oil futures prices.

They said a weak global trend further influenced the market sentiment.

The palm oil prices traded lower at USD 752 a metric tonne on the Malaysia Derivatives Exchange, a major hub for supplier to the global markets. Prices have lost 28 per cent this year as stockpiles expanded.

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