Crude palm oil futures soften on profit-booking

Crude palm oil prices fell by Rs 1.50 to Rs 553.40 per 10 kg in futures trading today as speculators indulged in booking profits at existing higher levels, driven by a weak spot market trend on sluggish demand.

At the Multi Commodity Exchange, March crude palm oil declined by Rs 1.50, or 0.27%, to Rs 553.40 per 10 kg, with a business turnover of 14 lots.

The January delivery traded lower by 30 paise, or 0.05%, to Rs 548.60 per 10 kg, with trade volume of 257 lots.

Traders said profit-booking by speculators on weak trend in spot markets following sluggish demand mainly led to a fall in crude palm oil prices in futures trade.