Crude palm oil sheds 1% on profit-booking

Speculators exit at higher levels due to subdued domestic demand, weak global cues

Crude palm oil futures eased by 1.04 per cent to Rs 425 per 10 kg today after speculators booked profits at prevailing levels amid subdued spot demand.

At the Multi Commodity Exchange, crude palm oil for delivery in October declined Rs 4.50, or 1.04 per cent, to Rs 425 per 10 kg, in a business turnover of 320 lots.

The November contract lost Rs 4.20, or 0.97 per cent, to Rs 428.20 per 10 kg in 92 lots.

Analysts said besides profit-booking by speculators at existing higher levels, subdued demand in the spot market and a weak trend overseas weighed on crude palm oil futures.