Crude palm oil declines on profit-taking

Crude palm oil prices declined by Rs 3.60, or 0.86 per cent, to Rs 413.50 per 10 kg in futures trade today on emergence of profit-taking, driven by subdued demand in physical markets.

Trading sentiment remained bearish as palm oil futures in Malaysia traded moderately lower on slow demand for the commodity among bio fuel producers.

At the Multi Commodity Exchange counter, crude palm oil for October contract fell by Rs 3.60, or 0.86 per cent, to Rs 413.50 per 10 kg, with a business turnover of 48 lots.

The oil for November month contract eased by Rs 3.10, or 0.75 per cent, to Rs 411 per 10 kg, with an open interest of seven lots, while September contract moved down by Rs three, or 0.71 per cent, to Rs 417.70 per 10 kg, with a business turnover of 76 lots.

Traders said beside profit-taking by speculators, fall in demand against adequate stocks in physical markets fuelled the down-tend in crude palm oil prices at futures trade.