Palm oil down 1.5% on profit-booking

Analysts said profit-booking by speculators, subdued demand in the spot market influenced the prices

Crude palm oil futures prices fell by 1.52% to Rs 587.60 per 10 kg today, after speculators booked profits at prevailing higher levels amid subdued spot demand.

At the Multi Commodity Exchange, crude palm oil for delivery in March declined by Rs 9.10, or 1.52%, to Rs 587.60 per 10 kg in business turnover of 198 lots.

Similarly, the oil for delivery in April traded lower by Rs 9.10, or 1.52%, to Rs 589.10 per 10 kg in 414 lots.

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