Crude palm oil remain weak on profit booking

Crude palm oil prices fell further by Rs 6.40 to Rs 512.60 per 10 kg in futures trade today amid profit-booking by traders due to weak demand and higher supply in the spot market. 

A weakening trend in overseas markets also put pressure on crude palm oil prices. 

At the Multi Commodity Exchange, crude palm oil for May delivery fell by Rs 6.40, or 1.23%, to Rs 512.60 per 10 kg, with a business turnover of 29 lots.

The oil for April contract delivery eased by Rs 6.20, or 1.18%, to Rs 517.10 per 10 kg, with a business volume of eight lots, while June crude palm oil contracts moved down by Rs 6.10, or 1.17%, to Rs 511.40 per 10 kg, with a trading volume of 11 lots.

Traders said besides profit-booking by speculators, a fall in demand against adequate stocks in the physical markets mainly led to the fall in crude palm oil prices in the futures market.