Crude palm oil turns weak on profit-booking

Crude palm oil prices turned weak by Rs 1.90 to Rs 520.40 per 10 kg in futures trade today on emergence of profit-booking, driven by subdued demand in spot market.

At the Multi Commodity Exchange counter, crude palm oil for January-month contract fell by Rs 1.90 or 0.36 per cent to Rs 520.40 per 10 kg, with a business volume of 81 lots. 

The oil for December contract eased by Rs 1.50 or 0.28 per cent to Rs 517.60 per 10 kg, with a trading volume of 107 lots.

Traders said beside profit-taking by speculators, fall in demand against adequate stocks in physical markets mainly led to a fall in crude palm oil prices at futures market.