Business Standard

Crude palm oil remains weak on profit-booking

Image

Press Trust of India New Delhi

Amid profit-booking by speculators and subdued spot demand, crude palm oil futures prices fell by Rs 4.50 to Rs 620.70 per 10 kg today.

Weakening trend in overseas markets also put pressure on the prices.

At the Multi Commodity Exchange, the April delivery declined by Rs 4.50, or 0.71%, to Rs 620.70 per 10 kg in business turnover of 353 lots.

The May contract traded lower by Rs 4.30, or 0.67%, to Rs 628.10 per 10 kg in 868 lots.

Meanwhile, the June contract fell by 1.40% to $1,160 a tonne on the Malaysia Derivatives Exchange.

Analysts said besides profit-booking by speculators at existing higher levels, subdued demand in the spot market also influenced crude palm oil futures prices.

 

Don't miss the most important news and views of the day. Get them on our Telegram channel

First Published: Apr 12 2012 | 1:21 PM IST

Explore News