ET:Crude palm oil futures down 0.59% on profit-booking
NEW DELHI: Crude palm oil prices fell by 0.59 per cent to Rs 451.30 per 10 kg in futures trade on Monday amid profit-booking by speculators and subdued spot demand.
Weakening trend in the overseas markets also put pressure on the prices.
At the Multi Commodity Exchange, crude palm oil for delivery in March declined Rs 2.70, or 0.59 per cent to Rs 451.30 per 10 kg in a business turnover of 166 lots.
Similarly, the oil for delivery in April traded lower by Rs 2.70, or 0.58 per cent to Rs 455.80 per 10 kg in 91 lots.
Analysts said apart from profit-booking by speculators at existing higher levels, a weakening overseas trend on speculation that palm oil's stockpiles in Malaysia will hold near a record as an export tax curbs demand, mainly influenced crude palm oil prices.
Meanwhile, palm oil lost 0.80 per cent to $ 765 a tonne on the Malaysia Derivatives Exchange.
