Crude palm oil futures fall 0.4% on overseas cues

Crude palm oil prices fell by 0.36% to Rs 493.90 per 10 kg in futures trade today as speculators offloaded their positions, tracking a weak global trend.

 

At the Multi Commodity Exchange, crude palm oil for delivery in August declined by Rs 1.80, or 0.36% to Rs 493.90 per 10 kg in business turnover of 16 lots.

 

Similarly, oil for delivery in September shed Rs 1.60, or 0.33% to Rs 486.30 per 10 kg in 10 lots.

 

Analysts said speculators offloaded their positions in tandem with a weak global trend as a decline in crude oil prices reduced the appeal of vegetable oils as biofuels, mainly influenced the sentiment.

 

Meanwhile, palm oil contract for October lost 0.8% to $690 a tonne on the Malaysia Derivatives.