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Crude palm oil declines 2.3% on profit-booking

Oil for delivery in September shed 1.61%

Press Trust of India  |  New Delhi 

Crude palm oil prices declined by 2.34% to Rs 529 per 10 kg in futures trade today on emergence of profit-booking by speculators and subdued spot demand.

Besides, weak trend in overseas market further fuelled the downtrend in crude palm oil futures.

At the Multi Commodity Exchange, crude palm oil for delivery in October declined by Rs 12.70, or 2.34%, to Rs 529 per 10 kg, with a business turnover of 362 lots.

Likewise, the oil for delivery in September shed Rs 8.80, or 1.61%, to Rs 535.50 per 10 kg, with a business turnover of 258 lots.

Traders said besides profit-taking by speculators, subdued spot demand and a weak trend overseas led to decline in crude palm oil prices at futures market.

In Malaysia, palm oil fell to over two-week low after a drop in crude oil reduced the appeal of vegetable oils as biofuel feedstock, and as investors waited for government data that may show that output expanded.

Palm for November delivery fell as much as 1.60% to 2,360 ringgit (USD 722) a metric ton on the Malaysia Derivatives Exchange, the lowest price for the most-active contract since Aug. 23.

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First Published: Tue, September 10 2013. 13:15 IST