Crude palm oil futures turn weak on profit booking

Crude palm oil prices declined by 0.30 per cent to Rs 537.60 per 10 kg in futures trade today on profit booking by investors, driven by subdued demand in the spot market.

At the Multi Commodity Exchange counter, crude palm oil for delivery in February fell by Rs 1.60, or 0.30 per cent to Rs 537.60 per 10 kg, with a business volume of 17 lots.

The oil for December-month contract eased by Rs 1.90 or 0.27 per cent to Rs 526.50 per 10 kg, with a trading volume of 10 lots, while January contract declined by Rs 1.50 or 0.28 per cent to Rs 534 per 10 kg, with an open interest in six lots.

Traders said besides profit-taking by speculators, fall in spot demand mainly led to fall in crude palm oil prices at futures market.