Crude palm oil turns weak on profit booking

Crude palm oil prices declined by Rs 6.50 to Rs 565 per 10 kg in futures trade today on emergence of profit booking, driven by subdued demand in the spot market.

At the Multi Commodity Exchange counter, crude palm oil for delivery in February fell by Rs 6.50, or 1.13 per cent, to Rs 565 per 10 kg, with a business turnover of 155 lots.

The oil for March-month delivery contract eased by Rs 4.30, or 0.75 per cent, to Rs 572 per 10 kg, with an open interest of 148 lots, while current month, January delivery fell by Rs 3.10, or 0.55 per cent, to Rs 4560.20 per 10 kg, with an open interest of 35 lots.

Traders said beside profit taking by speculators, fall in demand against adequate stocks in physical market, mainly led to fall in crude palm oil prices at futures market.