Crude palm oil futures prices weaken on profit-booking

Nov 20 2012, 12:20 IST
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SummaryCrude palm oil prices drifted by 0.27 per cent to Rs 442.70 per 10 kg in futures market today.

Crude palm oil prices drifted by 0.27 per cent to Rs 442.70 per 10 kg in futures market today as speculators booked profits at prevailing higher levels, driven by subdued demand in the spot market.

At the Multi Commodity Exchange, crude palm oil for delivery in December declined by Rs 1.20, or 0.27 per cent to Rs 442.70 per 10 kg in business turnover of 437 lots.

Similarly, the oil for delivery in the November contract weakened by 50 paise, or 0.11 per cent, to Rs 436.80 per 10 kg in 307 lots.

Market analysts said besides profit-booking by speculators at prevailing levels, subdued demand in the spot market against adequate stocks position mainly kept pressure on crude palm oil futures to trade lower.

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