BS:Crude palm oil remains weak on lower overseas cues
Crude palm oil remained weak for the second straight day and prices lost 0.44% to Rs 409 per 10 kg in futures trade today after speculators offloaded their positions amid a weak trend in domestic as well as overseas markets.
At the Multi Commodity Exchange, the January contract fell further by Rs 1.80, or 0.44%, to Rs 409 per 10 kg in business turnover of 462 lots.
The December contract shed Rs 1.40, or 0.35% to Rs 402.80 per 10 kg in 396 lots.
Traders said offloading of positions by speculators in tandem with a weak global trend mainly kept pressure on crude palm oil futures.
Meanwhile, palm oil for March delivery slid 1.2% to 758 dollar a metric tonne on the Malaysia Derivatives Exchange, the biggest intra-day fall since December 12.
