Crude palm oil down 0.4% on profit-selling
Slackened demand in spot market weighed on prices
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Crude palm oil futures prices fell by Rs 1.80 to Rs 467.60 per 10 kg in futures trade today due to profit-selling at existing higher levels.
Further, slackened demand in the spot market also weighed on prices.
At the Multi Commodity Exchange (MCX), crude palm oil for the June contract fell by Rs 1.80, or 0.38%, to Rs 467.60 per 10 kg in 271 lots.
Similarly, the oil for delivery in the May moved down by Rs 1.70, or 0.36%, to Rs 465.90 per 10 kg in 155 lots.
Marketmen said profit-selling by speculators amid subdued demand in the spot market led to fall in crude palm oil prices at futures market.
Besides, weakening trend in overseas markets also put pressure on the oil prices, they said.
Globally, the palm oil lost 1.10% to $759 per tonne in Malaysia.
Further, slackened demand in the spot market also weighed on prices.
At the Multi Commodity Exchange (MCX), crude palm oil for the June contract fell by Rs 1.80, or 0.38%, to Rs 467.60 per 10 kg in 271 lots.
Similarly, the oil for delivery in the May moved down by Rs 1.70, or 0.36%, to Rs 465.90 per 10 kg in 155 lots.
Marketmen said profit-selling by speculators amid subdued demand in the spot market led to fall in crude palm oil prices at futures market.
Besides, weakening trend in overseas markets also put pressure on the oil prices, they said.
Globally, the palm oil lost 1.10% to $759 per tonne in Malaysia.
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First Published: May 15 2013 | 2:43 PM IST