Crude palm oil futures fall on profit-taking, global cues

Crude palm oil prices fell by Rs 3.20 to Rs 529.50 per 10 kg in futures trade today as speculators indulged in booking-profits at existing high levels, driven by subdued spot market demand.

Also, a weakening trend overseas influenced the trading sentiment.

At the Multi Commodity Exchange, crude palm oil for delivery in July fell by Rs 3.20, or 0.60% to Rs 529.50 per 10 kg, with a business turnover of 78 lots.

Similarly, the oil for delivery in June shed Rs 2.40, or 0.45% to Rs 531.30 per 10 kg in 62 lots.

Analysts said besides profit-taking by speculators, subdued demand in the spot market mainly led to the fall in crude palm oil futures prices.

Meanwhile, palm oil fell 0.3% on the Malaysia Derivatives Exchange.