Crude palm oil futures fall on global cues

Crude palm oil weakened by Rs 2.50 to Rs 562 per 10 kg in futures trading today on fresh offloading by speculators following weakening global trend.

At the Multi Commodity Exchange counter, crude palm oil for delivery in January declined by Rs 2.50, or 0.44 per cent, to Rs 562 per 10 kg, with an open interest of just one lot.

Likewise, the oil for delivery in February lost Rs 2.10, or 0.37 per cent, to Rs 568.40 per 10 kg, with a business turnover of two lots.

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

Meanwhile, palm oil fell 1.9 per cent to $1,235 a tonne on the Malaysia Derivatives Exchange.