Crude palm oil futures declines on profit-booking

Crude palm oil futures prices today declined by Rs 5.40 to Rs 414.50 per 10 kg as speculators booked profits due to subdued spot demand.

A weakening global trend after the Malaysian government announced a cut the crude palm oil export taxes and discontinue a tax free shipment quota from January 1.

At the Multi Commodity Exchange, the crude palm oil for delivery in November declined by Rs 5.40, or 1.28 per cent to Rs 414.50 per 10 kg in a business turnover of 585 lots.

Likewise, the oil for delivery in October contract shed Rs 5.20, or 1.25 per cent to Rs 410.30 per 10 kg in 365 lots.

Traders said besides profit-taking by speculators, subdued demand in the domestic markets led to decline in crude palm oil prices at futures market.

They said a weak trend in the Malaysian Derivative Exchange, the major global supplier of the oil, also influenced the market sentiment.

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