Crude palm oil futures weaken on profit-booking

Crude palm oil prices declined by Re 1 to Rs 466.40 per 10 kg in the futures trade today on continued profit-booking by speculators, influenced by subdued demand in the spot market and a weak global trend.

At the Multi Commodity Exchange, crude palm oil for delivery in November declined by Re 1, or 0.21%, to Rs 466.40 per 10 kg in nine lots.

Similarly, the oil for October contract delivery was down by 50 paise, or 0.11%, at Rs 469 per 10 kg, with an open interest for 19 lots.

Traders said continued profit-booking by speculators amid sluggish demand mainly led to the decline in crude palm oil prices in the futures market.

They said a weakening trend in overseas markets further fuelled the downtrend.

Meanwhile, for December delivery it declined by 0.6% to $881 dollar per metric tonne on the Malaysia Derivatives Exchange.