Crude palm oil down on profit-booking, global cues

Crude palm oil prices fell by Rs 3 per kg in futures trade today as speculators indulged in booking-profits at existing high levels, driven by subdued demand in the spot market.

Weakening trend overseas also put pressure on the crude palm oil prices at futures trade here.

At the Multi Commodity Exchange, crude palm oil for delivery in July fell by Rs 3, or 0.63%, to Rs 470.50 per 10 kg, with a trade volume of 31 lots.

The prices for delivery in August declined by Rs 2.80, or 0.59%, to Rs 469.60 per 10 kg, with a trading volume of 27 lots.

The September contract eased by Rs 1.80, or 0.53%, to Rs 469.50 per 10 kg, with a trading volume of 61 lots.

Analysts said profit-booking by speculators amid weakening global trend mainly led to the fall in crude palm oil prices in futures trade.

In Malaysia, palm oil for September-delivery declined by 0.6% to 3,031 ringgit ($1,007) a tonne on the Malaysia Derivatives Exchange.