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This is an archive article published on November 2, 2012

Crude palm oil futures decline on global cues

Tracking a weak global trend,crude palm oil prices declined by Rs 3.10 to Rs 433.60 per 10 kg in futures trade.

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Tracking a weak global trend,crude palm oil prices declined by Rs 3.10 to Rs 433.60 per 10 kg in futures trade today as speculators offloaded their positions.

At the Multi Commodity Exchange,crude palm oil for delivery in November declined by Rs 3.10,or 0.71 per cent,to Rs 433.60 per 10 kg in business turnover of 649 lots.

Similarly,the oil for delivery in December lost Rs 2.60,or 0.58 per cent,to Rs 442 per 10 kg in 541 lots.

Market analysts attributed the fall in crude palm oil futures to weak global trend as higher output in Malaysia,the second- largest producer,may further boost record stockpiles of the tropical oil used in food to fuel.

Meanwhile,palm oil for the contract for January delivery dropped 0.7 per cent to USD 826 a tonne on the Malaysia Derivatives Exchange.

 

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