BS:Crude palm oil prices fall 1.6% on profit-booking
Crude palm oil prices fell by 1.69% to Rs 551 per 10 kg in futures market today as speculators booked profits at prevailing higher levels, driven by sluggish demand in the spot market.
At the Multi Commodity Exchange, crude palm oil for delivery in October fell by Rs 9.50, or 1.69% to Rs 551 per 10 kg in business turnover of 43 lots.
Similarly, the oil for delivery in September traded lower by Rs 7.70, or 1.37% to Rs 563.70 per 10 kg in 277 lots.
Analysts said profit-booking by speculators at prevailing higher levels and sluggish demand in the spot market, mainly kept pressure on crude palm oil prices at futures trade.
