Crude palm oil futures succumb to profit-booking

Crude palm oil prices drifted lower by 0.72 per cent to Rs 539.90 per 10 kg in futures trade today as participants booked profits at prevailing levels, driven by a fall in demand in the spot market.
Besides, adequate stocks position on higher supplies from producing regions put pressure on crude palm oil prices.
At the Multi Commodity Exchange, crude palm oil for delivery in June fell by Rs 3.90, or 0.72 per cent to Rs 539.90 per 10 kg in a business turnover of 78 lots.
Likewise, the oil for delivery in May shed Rs 2.70, or 0.49 per cent to Rs 549.40 per 10 kg in 161 lots.

Analysts said besides profit-booking by traders at existing levels, easing demand in the spot market against adequate stocks position, led to the fall in crude palm oil prices at futures trade.