Crude palm oil remains weak on profit booking

Crude palm oil prices fell by Rs 9.50 to Rs 504.40 per 10 kg in futures trade today, extending yesterday's losses, due to continued profit-booking by speculators on the back of subdued spot demand.  

Fall in crude oil prices in international markets also put pressure on the oil prices here.  

At the Multi Commodity Exchange, crude palm oil for delivery in June declined by Rs 9.50, or one per cent, to Rs 504.40 per 10 kg, with a business turnover of one lot. 

The oil for delivery in April eased by Rs 4.50, or 0.86 per cent, to Rs 506.50 per 10 kg, with an open interest of 47 lots. 

Similarly, crude palm oil prices for delivery in May moved down by Rs 3.90, or 0.76 per cent, to Rs 506.40 per 10 kg, with a business volume of 15 lots. 

Traders said besides profit-taking by speculators, fall in demand against adequate stocks in physical market, and a weak trend overseas, led to the fall in crude palm oil prices at futures market.