Crude palm oil down 0.9% on profit-booking

Crude palm oil prices drifted lower by 0.94% to Rs 557.60 per 10 kg in futures market today as speculators booked profits at prevailing higher levels amid easing demand in spot market against adequate stocks position.

At the Multi Commodity Exchange, crude palm oil for delivery in August month fell by Rs 5.30 or 0.94% to Rs 557.60 per 10 kg in business turnover of 142 lots.

Likewise, the oil for delivery in September contracts shed Rs 5.20 or 0.93% to Rs 551.20 per 10 kg in 355 lots.

Market analysts said besides profit-booking by participants at existing levels, fall in demand in the spot market mainly influenced crude palm oil prices.