Crude palm oil down 0.76% on profit-booking

Subdued demand influences prices

Crude palm oil continued its downward journey as prices fell by Rs 3.50 to Rs 451.50 per 10 kg in futures trade today on profit-booking by speculators amid subdued spot market trend.

At the Multi Commodity Exchange, crude palm oil for September delivery declined by Rs 3.50, or 0.76%, to Rs 451.50 per 10 kg, with a business turnover of 108 lots.

The October contract fell Rs 3.30, or 0.72%, to Rs 452.30 per 10 kg, with a business turnover of 596 lots.

Traders said besides profit-taking by speculators, a weak trend in spot market led to the fall in crude palm oil prices at futures market.

 

Meanwhile, palm oil advanced as much as 1% to 2,634 ringgit ($859) a tonne on the Malaysia Derivatives Exchange.