Crude palm oil futures slip on profit taking

Crude palm oil prices slipped by Rs 1.50 to Rs 499.50 per 10 kg in futures trade today on emergence of profit taking by speculators on subdued demand in the spot market.

At the Multi Commodity Exchange, crude palm oil for January month contract slipped by Rs 1.50, or 0.30 per cent to Rs 499.50 per 10 kg with a business volume of 2 lots.

Likewise, the oil for November-month contract traded lower by Rs 1.20, or 0.24 per cent to Rs 492.30 per 10 kg in single lot.

Traders said besides profit booking by speculators, fall in demand against adequate stocks in the physical markets, mainly led to a decline in crude palm oil futures prices.