Crude palm oil futures decline on profit taking

Crude palm oil prices weakened by Rs 1.70 or 0.47 per cent to Rs 362.70 per 10 kg in futures market today on profit taking by traders and sluggish demand in spot markets.

At the Multi Commodity Exchange counter, crude palm oil for June-month contract declined by Rs 1.70, or 0.47 per cent to Rs 362.70 per 10 kg, with an open interest of 2,087 lots.

The oil for delivery in May contract also traded lower by Rs 1.20, or 0.33 per cent to Rs 363.10 per 10 kg, with a business turnover of 2,041 lots.

Marketmen said profit-taking by traders on subdued demand in the spot market led to a fall in crude palm oil prices at futures trade.