Crude palm oil futures decline for 3rd day on global cues

Nov 23 2012, 13:14 IST
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Summarycrude palm oil shed 0.30 per cent to Rs 439.20 per 10 kg in futures market.

Continued its sliding trend for the third straight day, crude palm oil shed 0.30 per cent to Rs 439.20 per 10 kg in futures market today as speculators offloaded their positions in tandem with a lower global trend.

At the Multi Commodity Exchange, crude palm oil for delivery in December declined by Rs 1.30, or 0.30 per cent, to Rs 439.20 per 10 kg in business turnover of 316 lots.

Likewise, the oil for delivery in the November contract traded lower by 70 paise, or 0.16 per cent, to Rs 433.90 per 10 kg in 144 lots.

Marketmen said speculators offloaded position following lower global trend on speculation that stockpiles in Malaysia, the second-largest producer, may expand from a record as exports drop on slowing demand, leading to a fall in crude palm oil prices at futures trade.

Meanwhile, palm oil for the contract for February delivery lost 1.3 per cent to USD 778 a metric tonne on the Malaysia Derivatives Exchange, the lowest level since November 14.

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