Palm oil slips on profit-booking

Crude palm oil prices slipped to Rs 534.50 per 10 kg in futures trade today as speculators booked profits at prevailing higher levels, driven by subdued demand in the spot market.

Weak trend in overseas market further influenced the trading sentiment.

At the Multi Commodity Exchange, crude palm oil for delivery in March month slipped by 80 paise, or 0.15% to Rs 534.50 per 10 kg in business turnover of 19 lots.

The February contract edged up by 70 paise, or 0.13% to Rs 525.90 per 10 kg in 16 lots.

Analysts said profit-bookings by speculators and sluggish demand in the spot market mainly led to decline in crude palm oil prices at futures trade.