Crude palm oil declines on global cues, profit-booking

Crude palm oil prices declined by Rs 2.80 to Rs 433.40 per 10 kg in futures trade today as participants booked profits amid a weak trend overseas.

Also, subdued demand in the spot markets put pressure on the oil prices.

At the Multi Commodity Exchange, the November contract for crude palm oil declined by Rs 2.80, or 0.64%, to Rs 433.40 per 10 kg, with a business turnover of 310 lots.

The October contract shed Rs 1.20, or 0.28%, to Rs 424.80 per 10 kg, with a business turnover of 99 lots.

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

The crude palm oil declined 1.8% to $819 a tonne on the Malaysia Derivatives Exchange, the major supplier of oil to the world markets.