NEW DELHI, July 15: Crude palm oil prices fell by Rs 2.90 to Rs 496.80 per 10 kg in futures trade today after speculators booked profits amid subdued spot demand.
Besides, a weak trend overseas also put pressure.
At the Multi Commodity Exchange, crude palm oil prices for delivery in August fell by Rs 2.90, or 0.58 per cent, to Rs 496.80 per 10 kg, in turnover of 303 lots.
Similarly, the oil prices for delivery in the July lost Rs 2.30, or 0.45 per cent, to Rs 499 per 10 kg, with a business turnover of 114 lots.
Market analysts said besides profit-booking by speculators at existing levels, weak trend overseas and sluggish spot demand mainly led to a fall in crude palm oil futures prices.
Meanwhile, in Malaysia, palm oil slumped to the lowest level in more than two months as exports dropped amid speculation that a slowdown in China’s economy may damp demand from the world’s second-largest consumer after India.
Meanwhile palm oil in Malaysia, slumped to the lowest in more than two months as exports dropped.
Palm oil for delivery in September declined by 1.80 per cent to 2,260 ringgit (USD 710) a tonne on the Malaysia Derivatives Exchange, the lowest level for the most-active futures since May 7. (PTI)
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