Crude palm oil down 0.6% on profit-booking
Profit-booking by speculators and subdued spot demand had a negative impact
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Crude palm oil futures for March declined Rs 2.70, or 0.59% to Rs 451.30 per 10 kg 166 lots.
At the Multi Commodity Exchange (MCX), the April contract traded lower by Rs 2.70, or 0.58% to Rs 455.80 per 10 kg in 91 lots.
Profit-booking by speculators and subdued spot demand had a negative impact.
Weakening trend in the overseas markets also put pressure on the prices.
Wweakening overseas trend was triggered due to speculation that palm oil's stockpiles in Malaysia will hold near a record as an export tax curbs demand influenced crude palm oil prices.
On the Malaysia Derivatives Exchange (MDEX), palm oil lost 0.80% to $765 a tonne.
At the Multi Commodity Exchange (MCX), the April contract traded lower by Rs 2.70, or 0.58% to Rs 455.80 per 10 kg in 91 lots.
Profit-booking by speculators and subdued spot demand had a negative impact.
Weakening trend in the overseas markets also put pressure on the prices.
Wweakening overseas trend was triggered due to speculation that palm oil's stockpiles in Malaysia will hold near a record as an export tax curbs demand influenced crude palm oil prices.
On the Malaysia Derivatives Exchange (MDEX), palm oil lost 0.80% to $765 a tonne.
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First Published: Mar 18 2013 | 2:40 PM IST