Crude palm oil dips 2.44% on profit-booking

Sluggish demand influences prices

Crude palm oil prices dropped by 2.44% to Rs 511.40 per 10 kg in futures trade today as speculators booked profits amid sluggish demand in the spot market.

At the Multi Commodity Exchange, crude palm oil for delivery in September dipped by Rs 12.80, or 2.44%, to Rs 511.40 per 10 kg, with a business turnover of 495 lots.

The October contract declined by Rs 12.10, or 2.29%, to Rs 515.30 per 10 kg, with a business turnover of 450 lots.

Marketmen said besides profit-booking by speculators, sluggish demand in the spot market led to the fall in crude palm oil prices at futures market.