NEW DELHI, July 14: Crude palm oil prices fell 0.56 per cent to Rs 525 per 10 kg in futures trade today after speculators booked profits amidst subdued spot demand.
Besides, a weak trend overseas also put pressure on the prices.
At the Multi Commodity Exchange, crude palm oil for delivery in July fell by Rs 3, or 0.56 per cent, to Rs 525 per 10 kg, in a turnover of 112 lots.
Similarly, the oil for delivery in the August lost Rs 2.70, or 0.51 per cent, to Rs 517.30 per 10 kg, with a business turnover of 55 lots.
Market analysts said besides profit-booking by speculators at existing levels, a weak trend overseas and sluggish spot demand led to fall in crude palm oil prices.
Meanwhile, in Malaysia, imports of palm oil by India, the world’s largest buyer, probably dropped for the second month as a shrinking discount on soybean and sunflower oils have cut its appeal.
Palm oil in Malaysia slumped to the lowest in more than nine months as exports dropped.
Palm oil declined by 1.70 per cent to 2,346 ringgit (USD 736) a tonne on the Malaysia Derivatives Exchange. (PTI)
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