Crude palm oil down 0.5% on profit-booking

Crude palm oil prices for delivery in the July lost 0.45%

Crude palm oil prices fell by Rs 2.90 to Rs 496.80 per 10 kg in futures trade today after speculators booked profits amid subdued spot demand.

Besides, a weak trend overseas also put pressure.

At the Multi Commodity Exchange, crude palm oil prices for delivery in August fell by Rs 2.90, or 0.58%, to Rs 496.80 per 10 kg, in turnover of 303 lots.

Similarly, the oil prices for delivery in the July lost Rs 2.30, or 0.45%, to Rs 499 per 10 kg, with a business turnover of 114 lots.

Market analysts said besides profit-booking by speculators at existing levels, weak trend overseas and sluggish spot demand mainly led to a fall in crude palm oil futures prices.

Meanwhile, in Malaysia, palm oil slumped to the lowest level in more than two months as exports dropped amid speculation that a slowdown in China's economy may damp demand from the world's second-largest consumer after India.

Meanwhile palm oil in Malaysia, slumped to the lowest in more than two months as exports dropped.

Palm oil for delivery in September declined by 1.80% to 2,260 ringgit ($710) a tonne on the Malaysia Derivatives Exchange, the lowest level for the most-active futures since May 7.