Crude palm oil softens 0.36% on profit-booking

Speculators book profits as stocks pile up in the physical market

Crude palm oil eased by 0.36 per cent to Rs 447.40 per 10 kg in futures trade today as speculators booked profits amid subdued demand in the spot market.

Adequate stocks position in the physical market also put pressure on crude palm oil prices.

At the Multi Commodity Exchange, crude palm oil for delivery in November declined by Rs 1.60, or 0.36 per cent, to Rs 447.40 per 10 kg in a business turnover of 52 lots.

The December contract shed Rs 1.20, or 0.26 per cent, to Rs 454 per 10 kg in 94 lots.

Analysts said besides profit-booking by speculators at existing levels, low demand in the spot market against adequate stocks position moved down crude palm oil prices in futures trade.