Crude palm oil weakens on profit-booking

Crude palm oil prices fell by Rs 2.40 to Rs 463.70 per 10 kg in futures trade today on emergence of profit-booking by speculators, driven by subdued spot market trend.

Weak trend in overseas market further fuelled the downtrend in crude palm oil futures.

At the Multi Commodity Exchange, the September contract for crude palm oil declined by Rs 2.40, or 0.51%, to Rs 463.70 per 10 kg, with a business turnover of 142 lots.

The October contract shed Rs 1.60, or 0.34%, to Rs 464.70 per 10 kg, with a business turnover of 455 lots.

Traders said besides profit-taking by speculators driven by subdued domestic demand and a weak overseas trend led to a decline in crude palm oil prices at futures market.

Meanwhile, palm oil dropped 1.5% to $850 a tonne on the Malaysia Derivatives Exchange.