Crude palm oil futures decline on profit taking

Crude palm oil futures prices declined by Rs 14.40 to Rs 477.60 per 10 kg today due to profit taking, driven by subdued demand in physical markets.

Trading sentiments turned bearish as palm oil futures in Malaysia traded moderately lower on slowing demand for the commodity among biofuel producers.

On the Multi Commodity Exchange counter, crude palm oil for delivery in January fell by Rs 14.40, or 2.92 per cent, to Rs 477.60 per 10 kg, with a business turnover of 20 lots.

The oil for delivery in the current month November eased by Rs 9.90, or 2.03 per cent to Rs 476.50 per 10 kg, with a trade volume of 91 lots, while December contract moved down by Rs 9.80, or two per cent to Rs 479.10 per 10 kg, clocking a business turnover of 181 lots.

Traders said beside profit-taking by speculators, subdued demand against adequate stocks in physical markets, led to the fall in crude palm oil futures prices.