Palm oil weakens on profit-booking

June, July contracts shed 0.08% and 0.19% as speculators exit at higher levels

Crude palm oil futures prices fell by Rs 1.10 to Rs 573.70 per 10 kg in futures trade today, after speculators booked profits amid subdued spot demand.

Weakening trend in overseas markets also put pressure on the prices.

At the Multi Commodity Exchange, crude palm oil for delivery in July declined by Rs 1.10, or 0.19%, to Rs 573.70 per 10 kg, with a business turnover of 1,136 lots.

The June contract traded lower by 50 paise, or 0.08%, to Rs 569.60 per 10 kg, with a business turnover of 217 lots.

Meanwhile, palm oil fell by 0.60% to $942 a tonne on the Malaysia Derivatives Exchange.

 

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