Crude palm oil declines by 0.5% on profit-booking
A weak trend in the physical market on falling demand against adequate stock also affected prices
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Amid profit-booking by speculators, crude palm oil prices fell 0.46% to Rs 431.70 per 10 kg in futures trade today.
Furthermore, a weak trend in the physical market on falling demand against adequate stock following higher supplies from producing belts also put pressure.
At the Multi Commodity Exchange, crude palm oil for delivery in August fell Rs 2, or 0.46%, to Rs 431.70 per 10 kg in a business turnover of 65 lots.
Likewise, the oil for delivery in July contracts shed Rs 1.90, or 0.43%, to Rs 431.30 per 10 kg in 62 lots.
Market analysts said that besides profit-booking by speculators at current levels, fall in demand in the spot market against sufficient stocks weighed.
Furthermore, a weak trend in the physical market on falling demand against adequate stock following higher supplies from producing belts also put pressure.
At the Multi Commodity Exchange, crude palm oil for delivery in August fell Rs 2, or 0.46%, to Rs 431.70 per 10 kg in a business turnover of 65 lots.
Likewise, the oil for delivery in July contracts shed Rs 1.90, or 0.43%, to Rs 431.30 per 10 kg in 62 lots.
Market analysts said that besides profit-booking by speculators at current levels, fall in demand in the spot market against sufficient stocks weighed.
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First Published: Jul 17 2015 | 12:42 PM IST