Crude palm oil futures slide 0.58% on profit-booking

Crude palm oil prices declined by 0.58 per cent to Rs 566.60 per 10 kg in futures market today as speculators booked profits at prevailing higher levels, driven by easing demand in the spot market against adequate stocks position.

At the Multi Commodity Exchange, crude palm oil for delivery in October month fell by Rs 3.30, or 0.58 per cent to Rs 566.60 per 10 kg in business turnover of 53 lots.

Likewise, the oil for delivery in September contracts eased by Rs 2.70, or 0.46 per cent to Rs 585.60 per 10 kg in 110 lots.

Marketmen said besides profit-booking by participants at existing levels, fall in demand in the spot market against ample stocks position mainly led to decline in crude palm oil prices at futures trade.