Crude palm oil prices down on weak overseas cues

In Malaysia,palm oil prices dropped from 13-month high level USD 984 a tonne.

Written by Agencies | New Delhi | Published: September 5, 2012 1:35 pm

Crude palm oil prices fell by Rs 3 per kg in futures trade today on selling by speculators following weak spot market trend on adequate stocks position.

Crude palm oil for October delivery fell by Rs 3,or 0.53 per cent,to Rs 561.60 per 10 kg,with a trade volume of 88 lots.

Similarly,oil prices for delivery in September declined by Rs 2.80,or 0.49 per cent,to Rs 558.50 per 10 kg,with a trading volume of 14 lots.

In Malaysia,palm oil prices dropped from 13-month high level USD 984 a tonne on concern slower global economic growth may cut consumption.

Traders said selling by speculators amid a weakening overseas trend and adequate stocks position in domestic markets mainly led to the fall in crude palm oil price sin the futures trade.

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