Crude palm oil prices fall 2.93% on overseas cues

Dec 12 2012, 14:14 IST
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SummaryCrude palm oil prices fell by 2.93 per cent, to Rs 396.50 per kg in futures trade today

Crude palm oil prices fell by 2.93 per cent, to Rs 396.50 per kg in futures trade today after speculators offloaded their holding driven by weak trend in domestic as well as overseas markets.

At the Multi Commodity Exchange, crude palm oil for delivery in December fell by Rs 12, or 2.93 per cent, to Rs 396.50 per 10 kg, with trading volume of 523 lots.

The prices for delivery in January declined by Rs 9.60,or 2.32 per cent, to Rs 402.60 per 10 kg, with a trading volume of 357 lots.

Traders said offloading of positions by participants due to a weak trend in domestic spot markets following comfortable stocks position, mainly led to a fall in crude palm oil futures prices.

They said a weak global trend further influenced the market sentiment.

Meanwhile, palm oil for February delivery fell 2.4 per cent to 2,237 ringgit (USD 732) a metric tonne on the Malaysia Derivatives Exchange.

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