Crude Palm Oil Futures Down 0.58% on Global Cues

NEW DELHI: Amid weak global trend and subdued domestic demand, crude palm oil prices moved down by 0.58 per cent to Rs 462.70 per 10 kg in futures trade as speculators trimmed their positions. 

At the Multi Commodity Exchange, crude palm oil for delivery in April declined by Rs 2.30, or 0.58 per cent to Rs 462.70 per 10 kg in business turnover of 348 lots. 

Similarly, the oil for delivery in March shed Rs 1.40, or 0.30 per cent to Rs 458.30 per 10 kg in 127 lots. 

Market analysts attributed the decline in crude palm oil futures to a weak global trend on concern that demand for the most-consumed edible oil will weaken as Europe’s debt crisis drags on. 

Meanwhile, palm oil for delivery in June lost 1.5 per cent to $777 a tonne, the lowest level since March 19 on the Malaysia Derivatives Exchange.

Source : The Economic Times

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