Crude palm oil declines on profit-booking

Prices decline on emergence of profit-booking by speculators, driven by subdued demand in the spot markets

Crude palm oil prices declined by Rs 3.70 to Rs 414.80 per 10 kg in futures trade today on emergence of profit-booking by speculators, driven by subdued demand in the spot markets.

At the Multi Commodity Exchange, the October contract for crude palm oil declined by Rs 3.70, or 0.88%, to Rs 414.80 per 10 kg, with a business turnover of 537 lots.

The November contract shed Rs 3.40, or 0.80%, to Rs 418.90 per 10 kg, with a business turnover of 442 lots.

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