Crude palm oil falls 3% on profit-booking
Weak overseas trend influences prices
Crude palm oil prices declined by Rs 12.80 to Rs 421.40 per 10 kg in futures trade today as participants booked profits amid a weak trend overseas.
Subdued demand in the spot markets put pressure on the CPO prices.
At the Multi Commodity Exchange, crude palm oil for delivery in December declined by Rs 12.80, or 2.94%, to Rs 421.40 per 10 kg, with a business turnover of 571 lots.
The November contract shed Rs 11.70, or 2.73%, to Rs 416.80 per 10 kg, with a business turnover of 796 lots.
Traders said fall in prices in the overseas market and speculators booking profits at existing higher levels pulled down crude palm oil prices.
Globally, CPO prices fell 1.6% to $817 a tonne on the Malaysia Derivatives Exchange after inventories rose to record high and output gained.