NEW DELHI: Crude palm oil futures prices fell by 0.85 per cent to Rs 477 per 10 kg on Thursday, after speculators booked profits at prevailing higher levels amid subdued spot demand. Weakening trend in overseas markets due to crude oil to a four-week low yesterday cut the appeal of vegetable oils as biofuel feedstock also put pressure on the oil prices. At the Multi Commodity Exchange, crude palm oil for delivery in June declined by Rs 4.10, or 0.85 per cent, to Rs 477 per 10 kg in business turnover of 341 lots. Similarly, the oil for delivery in May traded lower by Rs 2.10, or 0.43 per cent, to Rs 480.10 per 10 kg in 41 lots. Analysts said besides, profit-booking by speculators at existing higher levels, subdued demand in the spot market also influenced crude palm oil futures prices. In Malaysia, palm oil declined from a seven-week high, snapping a five-day rally, after a drop in crude oil to a four-week low yesterday. The oil fell 1.20 per cent to USD 771 a metric tonne on the Malaysia Derivatives Exchange.

Source