Crude palm oil futures remain weak on global cues
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Crude palm oil fell by 0.13 per cent to Rs 445.90 per 10 kg in futures market today as speculators reduced positions in line with weak global trend.
At the Multi Commodity Exchange, crude palm oil for delivery in January declined by 60 paise, or 0.13 per cent, to Rs 445.90 per 10 kg, with a business turnover of 129 lots.
Similarly, the oil for delivery in December traded marginally lower by 40 paise, or 0.09 per cent, to Rs 440.80 per 10 kg, with a business turnover of 548 lots. Marketmen said speculators trimmed position due to subdued global trend on concern that inventories in Indonesia and Malaysia, the largest producers, may remain high as demand slows during winter, influencing crude palm oil prices at futures trade. Meanwhile, palm oil for February delivery lost 0.8 per cent to USD 792 a tonne on the Malaysia Derivatives Exchange.
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