Crude palm oil down by 1.1% on profit-booking

Crude palm oil prices dropped by 1.09% to Rs 489.20 per 10 kg in futures trade today as speculators booked profits at prevailing higher levels amid fall in demand in spot market.

Furthermore, higher supplies from major producing areas and weak trend at the overseas markets weighed on crude palm oil prices at futures trade.

At the Multi Commodity Exchange, crude palm oil for delivery in March eased by Rs 5.40 or 1.09% to Rs 489.20 per 10 kg in a business turnover of 283 lots.

Similarly, the oil for delivery in February traded lower by Rs 4.70 or 0.96% to Rs 480.60 per 10 kg in 127 lots.
 

Market analysts said besides profit-booking by speculators at prevailing higher levels, fall in demand in the spot market mainly influenced crude palm oil prices at futures trade.