Crude palm oil futures declines on profit taking

Crude palm oil futures prices fell by Rs 2, to Rs 431.30 per 10 kg today, following the profit taking by traders amid weak demand at the spot market.

At the Multi Commodity Exchange counter, crude palm oil for October delivery fell by Rs 2, or 0.46 per cent, to Rs 429.80 per 10 kg, with a business turnover of five lots.

The oil for delivery in November eased by Rs 1.30, or 0.30 per cent, to Rs 430.50 per 10 kg, with a business volume of 83 lots, while December-month contract moved down by Re 1, or 0.23 per cent, to Rs 431.30 per 10 kg, with a trading volume of 31 lots.

 

Traders said besides profit booking by speculators, fall in demand against adequate stocks in the physical markets also weighed on the crude palm oil futures prices.