Crude palm oil futures down 0.83% on profit-booking

NEW DELHI: Crude palm oil futures prices fell by 0.83 per cent to Rs 496.20 per 10 kg today, after speculators booked profits at prevailing levels amid a weak trend overseas.


At the Multi Commodity Exchange, crude palm oil for delivery in June declined by Rs 4.20, or 0.83 per cent, to Rs 496.20 per 10 kg in business turnover of 229 lots.

Similarly, the oil for delivery in July traded lower by Rs 3.80, or 0.75 per cent, to Rs 497.60 per 10 kg in 193 lots.

Analysts said besides, profit-booking by speculators at existing higher levels, a weak trend in the global market, influenced crude palm oil futures prices.

In Malaysia, palm oil fell 0.50 per cent to USD 777 a metric tonne on the Malaysia Derivatives Exchange as crude oil declined for the third day, reducing the appeal of vegetable oils as biofuel feedstock.