Crude palm oil down 0.71% on profit-booking

Subdued demand in spot market, adequate supplies keep pressure on prices in futures trade

Falling for the second day, crude palm oil prices eased further 0.71 per cent to Rs 448 per 10 kg in futures trading today as speculators engaged in booking profits, driven by subdued demand in the spot market.

Besides, reports of a weak global trend further fuelled the downtrend.

At the Multi Commodity Exchange, crude palm oil for delivery in September fell Rs 3.20, or 0.71 per cent to Rs 448 per 10 kg in business turnover of 186 lots.

The August contract shed 50 paise, or 0.10 per cent to Rs 480.50 per 10 kg in 66 lots.

Analysts said besides profit-booking by speculators, subdued demand in the spot market against adequate supplies mainly kept pressure on crude palm oil prices at futures trade.