Crude palm oil futures fall on profit-booking,global cues

Crude palm oil futures prices today fell by Rs 3.10 to Rs 431.50 per 10 kg.

Written by Agencies | New Delhi | Published: October 12, 2012 11:44:01 am

Crude palm oil futures prices today fell by Rs 3.10 to Rs 431.50 per 10 kg as speculators booked profits by at existing higher levels,due to subdued demand in the spot markets.

Weak trend in overseas markets also influenced the trading sentiment.

At the Multi Commodity Exchange,crude palm oil for delivery in November declined by Rs 3.10,or 0.71 per cent,to Rs 431.50 per 10 kg in business turnover of 653 lots.

In a similar fashion,the oil for delivery in October shed Rs 3,or 0.70 per cent,to Rs 427 per 10 kg in 468 lots.

Traders said besides profit-taking by speculators, subdued demand in the domestic markets led to the fall in crude palm oil prices at futures market.

Weak global trend on speculation that record stockpiles are set to expand further as output remains elevated in Malaysia,the world’s second-largest producer too had negative impact,they said.

Meanwhile,palm oil for for December delivery dropped 1.5 per cent to USD 812 a tonne on the Malaysia Derivatives Exchange.

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