Crude palm oil futures decline on profit-taking

Crude palm oil prices declined by Rs 3.10 to Rs 489.80 per 10 kg in futures trade today on emergence of profit-taking, driven by subdued demand in the spot market.

At the Multi Commodity Exchange, crude palm oil for August fell by Rs 3.10, or 0.62%, to Rs 489.80 per 10 kg, with a business turnover of 90 lots.

The oil prices for delivery in June eased by Rs 3, or 0.61%, to Rs 488.30 per 10 kg, with an open interest of 36 lots.

The July contract moved down by Rs 2.80, or 0.56%, to Rs 489 per 10 kg, with a business turnover of 195 lots.

 

Traders said besides profit-taking by speculators, fall in demand against adequate stocks in spot market mainly led to the fall in crude palm oil futures prices.