Crude palm oil futures down on overseas cues
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Crude palm oil fell by Rs 5.60 to 420.50 per kg in futures trade today after speculators reduced their positions amid a weak trend overseas. Adequate stocks in physical market also put pressure on the prices.
At the Multi Commodity Exchange, crude palm oil for the January contract fell by Rs 5.60, or 1.31 per cent, to Rs 420.50 per 10 kg, with a trade volume of 466 lots. Similarly, oil for the December contract eased by Rs 4.80, or 1.14 per cent, to Rs 415.80 per 10 kg, with a trading volume of 757 lots.
Traders said offloading of positions by speculators driven by a weak trend in the global markets and increased stocks in the spot markets, mainly put pressure on the crude palm oil prices at futures.
Meanwhile, in Malaysia, palm oil declined 1.20 per cent to USD 752 per tonne.
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