Crude palm oil turns weak on profit-taking

Crude palm oil prices declined by Rs 2.80 to Rs 465.70 per 10 kg in the futures trade today on profit-taking, driven by subdued demand in spot market.

Trading sentiment remained bearish as palm oil futures in Malaysia traded moderately lower on slowing demand for the commodity among bio-fuel producers.

The December contract fell by Rs 2.80, or 0.59%, to Rs 465.70 per 10 kg, with a business turnover of just one lot.

The oil for October month contract eased by Rs 2.60 or 0.56% to Rs 464.50 per 10 kg in seven lots, while November contract moved down by Rs 1.90, or 0.41%, to Rs 464.50 per 10 kg, with a trade volume of 109 lots.

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