Crude palm oil declines 0.51% on profit-booking

Crude palm oil prices fell by 0.51% to Rs 564.10 per 10 kg in futures trade today as speculators booked profits amid a weak trend in spot market on falling demand.

Furthermore, higher supplies from major producing areas and weak trend at the overseas markets weighed on crude palm oil prices at futures trade.

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At the Multi Commodity Exchange, crude palm oil for delivery in May eased by Rs 2.90, or 0.51%, to Rs 564.10 per 10 kg, in a business turnover of 246 lots.

The oil for delivery in April traded lower by Rs 2.40, or 0.42%, to Rs 564.30 per 10 kg in 334 lots.

Market analysts said besides profit-booking by speculators at current levels, fall in demand in the spot market against sufficient stocks, weighed on crude palm oil prices at futures trade.