Crude palm oil futures decline on overseas cues

Jan 23 2013, 15:49 IST
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SummaryCrude palm oil prices declined by Rs 2.30 to Rs 448.40 per 10 kg in futures trade today, as speculators offloaded their positions, amid a weakening overseas trend.

Crude palm oil prices declined by Rs 2.30 to Rs 448.40 per 10 kg in futures trade today, as speculators offloaded their positions, amid a weakening overseas trend.

At the Multi Commodity Exchange, crude palm oil for delivery in February declined by Rs 2.30, or 0.51 per cent, to Rs 448.40 per 10 kg in a business turnover of 375 lots.

Likewise, the oil for delivery in January shed Rs 2, or 0.45 per cent, to Rs 441.50 per 10 kg in 153 lots.

Market analysts said speculators offloading positions in tandem with weakening overseas trend, mainly led to the fall in crude palm oil prices at futures trade.

In global markets, palm oil declined for the first time in four days on concern that exports from Malaysia, the second-largest producer, may decrease this month as China buys less after tightening quality regulations on imports.

The oil fell 0.6 per cent to USD 806 a metric tonne on the Malaysia Derivatives Exchange.

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