BS:Crude palm oil continue its losing streak with 0.9% decline
Crude palm oil extended its losing streak with prices falling by Rs 4.70 to Rs 520.20 per 10 kg in futures trade today on profit-booking by speculators driven by subdued spot market trend.
Besides, a weak trend in foreign market further fuelled the downtrend in crude palm oil futures.
At the Multi Commodity Exchange, crude palm oil for October delivery declined by Rs 4.70, or 0.89%, to Rs 520.20 per 10 kg, with a business turnover of 90 lots.
Likewise, the oil for delivery in September traded a shade lower at Rs 532 per 10 kg, with a business turnover of 36 lots.
Traders said besides profit-taking by speculators on subdued domestic demand, a weak trend abroad led to a fall in crude palm oil prices at futures market.
In Malaysia, palm oil for December delivery traded lower at 2,270 ringgit ($705) a metric ton on the Bursa Malaysia Derivatives Exchange.
