ET:Crude palm oil futures decline 1 per cent on global cues
NEW DELHI: Crude palm oil prices fell by one per cent to Rs 487 per 10 kg in futures trading today as speculators reduced exposures, tracking a weak global trend.
At the Multi Commodity Exchange, crude palm oil prices for delivery in August declined by Rs 4.90, or 1 per cent, to Rs 487 per 10 kg in business turnover of 212 lots.
Similarly, the oil for delivery in July traded lower by Rs 1.20, or 0.24 per cent, to Rs 495.50 per 10 kg in 55 lots.
Market analysts said the fall in crude palm oil prices at futures trade to a weak trend overseas as supplies climbed the most since 1999 and demand expanded at the slowest pace in more than a decade.
Meanwhile, palm oil dropped 0.9 per cent to USD 688 a tonne, the lowest since November 2009 on the Malaysia Derivatives.
