Crude palm oil prices weaken on global cues

At the Multi Commodity Exchange,crude palm oil for delivery in September declined by Rs 3.40.

Written by Agencies | New Delhi | Published: August 29, 2012 4:33:50 pm

Amid weak global trend and subdued domestic demand,crude palm oil prices traded lower by 0.60 per cent to Rs 559.40 per 10 kg in futures trading today.

At the Multi Commodity Exchange,crude palm oil for delivery in September declined by Rs 3.40,or 0.60 per cent,to Rs 559.40 per 10 kg,with a business turnover of 424 lots.

Similarly,the oil for delivery in August shed Rs 3.10,or 0.55 per cent,to Rs 557 per 10 kg in 49 lots.

Marketmen said subdued demand in the spot market and lower trend in the global market mainly influenced crude palm oil prices at futures trade.

Meanwhile,palm oil fell 0.4 per cent to 3,018 ringgit a tonne on the Malaysia Derivatives Exchange.

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