Crude palm oil futures decline on global cues

Tracking a weak global trend, crude palm oil prices declined by Rs 1.90 to Rs 547.20 per 10 kg in futures trading today as speculators offloaded their positions.

At the Multi Commodity Exchange, crude palm oil for delivery in March declined by Rs 1.90, or 0.35 per cent, to Rs 547.20 per 10 kg, with business turnover of 203 lots.

Likewise, the oil for delivery in February traded lower by 90 paise, or 0.17 per cent, to Rs 535.40 per 10 kg, with an open interest of 78 lots.

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Market analysts said besides weak trend in global markets, speculators offloaded their positions mainly led to the fall in crude palm oil prices at futures market.

Meanwhile, palm oil for the May-delivery fell 1.1 per cent to USD 1,087 a tonnes on the Malaysia Derivatives Exchange.