Crude palm oil falls 0.57% on profit-booking

Subdued demand, weak overseas trend influence prices

Crude palm oil prices fell by Rs 3.20 to Rs 551.20 per 10 kg in futures trade today on emergence of profit-booking by speculators, driven by subdued demand in the spot market.

Weak trend in overseas markets fuelled the downtrend in crude palm oil futures.

At the Multi Commodity Exchange, crude palm oil for delivery in October declined by Rs 3.20, or 0.57%, to Rs 551.20 per 10 kg, with a business turnover of 239 lots.

The September contract shed Rs 2.90, or 0.52%, to Rs 548.10 per 10 kg in 230 lots.

Traders said besides profit-booking by speculators, subdued demand and a weak trend overseas led to the decline in crude palm oil prices at futures market.

 

Meanwhile, palm oil dropped 1% to $938 a tonne on the Malaysia Derivatives Exchange.