Crude palm oil futures fall on global cues

Crude palm oil prices fell by Rs 4.80, to Rs 572.10 per 10 kg in futures market today on fresh off-loading by speculators on the back of weakening global trend.

At the Multi Commodity Exchange counter, crude palm oil for delivery in March month fell by Rs 4.80, or 0.83 per cent, to Rs 572.10 per 10 kg, with an open interest of just one lot.

Similarly, the oil for delivery in February declined by Rs 3.90, or 0.68 per cent, to Rs 567 per 10 kg, with a business turnover of three lots. While oil for January-month delivery traded lower by Rs 3.20, or 0.58 per cent, to Rs 561.90 per 10 kg, with a business volume of one lot.

Market analysts said fresh off-loading by speculators in tandem with a weakening global trend led to a fall in crude palm oil futures prices. 

Meanwhile, palm oil futures for March-delivery declined 1.2 per cent, to $1,243 a tonne on the Malaysia Derivatives Exchange.