Crude palm oil falls on profit-booking
Analysts said besides profit-booking by speculators at existing higher levels, weak global trends influenced the crude palm oil prices
Crude palm oil futures prices fell by Rs 3.80 to Rs 617 per 10 kg today, as speculators booked profits at prevailing higher levels due to a weak trend at spot market on sluggish demand.
A weakening trend in overseas markets also put pressure on the prices.
At the Multi Commodity Exchange, the April contract declined by Rs 3.80, or 0.61%, to Rs 617 per 10 kg in business turnover of 36 lots.
The May contract traded lower by Rs 3.40, or 0.54%, to Rs 625 per 10 kg in 132 lots.
Meanwhile, July-delivery prices fell by 0.8% to $1,123 a tonne on the Malaysia Derivatives Exchange.
Analysts said besides profit-booking by speculators at existing higher levels, weak global trends influenced the crude palm oil prices at futures market.