Crude palm oil futures decline on profit taking

Crude palm oil futures prices declined by Rs 3, to Rs 449.50 per 10 kg today, following the profit taking by traders due to weak demand and higher supply in the spot market.

At the Multi Commodity Exchange counter, crude palm oil for delivery in January fell by Rs 3, or 0.66 per cent, to Rs 449.50 per 10 kg, with a business turnover of three lots.

The oil for November-month contract eased by 70 paise, or 0.16 per cent, to Rs 447 per 10 kg, with a business volume of 274 lots, while December-month contract moved down by 30 paise, or 0.06 per cent, to Rs 447.80 per 10 kg, with a trading volume of 93 lots.

 

Traders said besides profit booking by speculators, fall in demand against adequate stocks in the physical markets, mainly led to a fall in crude palm oil futures prices.