 "Crude palm oil softens by 0.40% on negative global cues")
Crude palm oil prices softened by 0.40% to Rs 496.10 per 10 kg in futures trading today as speculators trimmed their positions, taking negative cues from overseas markets.
At the Multi Commodity Exchange, crude palm oil for delivery in August declined by Rs 2, or 0.40%, to Rs 496.10 per 10 kg in business turnover of 109 lots.
Similarly, the oil for delivery in July contract traded lower by Re 1, or 0.20%, to Rs 497 per 10 kg in 73 lots.
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Market analysts said off-loading of positions by speculators due to weak global trend on speculation that demand from China, the world's biggest buyer after India, may weaken as an economic slowdown deepens, mainly influenced crude palm oil prices at futures trade.
Meanwhile, palm oil prices for September contract fell by 0.7% to $710 a tonne on the Malaysia Derivatives.