Crude palm oil falls 2.94% on weak global cues, profit-booking

NEW DELHI: Crude palm oil prices declined by Rs 12.80 to Rs 421.40 per 10 kg in futures trade today as participants booked profits amid a weak trend in overseas.

Subdued demand in the spot markets also put pressure on the CPO prices.

At the Multi Commodity Exchange, crude palm oil for delivery in December declined by Rs 12.80, or 2.94 per cent, to Rs 421.40 per 10 kg, with a business turnover of 571 lots.

Likewise, the oil for delivery in November shed Rs 11.70, or 2.73 per cent, to Rs 416.80 per 10 kg, with a business turnover of 796 lots.

Traders said a fall in prices in overseas market and speculators booking profits at existing higher levels mainly pulled down crude palm oil prices.

Globally, the CPO prices fell 1.6 per cent to $817 a tonne on the Malaysia Derivatives Exchange after inventories rose to record high and output gained.