Palm oil down on profit-bookings, global cues

May, June contracts shed 1.1% each, as speculators sell off

Crude palm oil prices fell by Rs 6.60 to Rs 567.80 per 10 kg in futures trade today as speculators booked-profits at prevailing higher levels amid a weakening trend in overseas markets.

At the MCX, crude palm oil for delivery in June declined by Rs 6.60, or 1.14%, to Rs 567.80 per 10 kg, with a business turnover of 615 lots.

The oil for delivery in May traded lower by Rs 6.40, or 1.12%, to Rs 564.20 per 10 kg in 99 lots.

Marketmen said besides, profit-booking by speculators at existing levels, subdued demand in the spot market also influenced the crude palm oil prices at futures market.

 

Meanwhile, August-delivery contract lost as much as 1.2% to 3,059 ringgit ($975) a tonne on the Malaysia Derivatives Exchange.