Crude palm oil futures down 0.66% on profit-booking

Crude palm oil prices drifted lower by 0.66 per cent to Rs 494.70 per 10 kg in futures trade today as traders booked profits amid easing demand at the spot market.

Besides, sufficient stocks position following higher supplies from the producing belts too fuelled the downtrend.

At the Multi Commodity Exchange, crude palm oil for delivery in August declined by Rs 3.30, or 0.66 per cent to Rs 494.70 per 10 kg in business turnover of 107 lots.

Likewise, the oil for delivery in September contracts was trading lower by Rs 3.20, or 0.64 per cent to Rs 496.40 per 10 kg in 82 lots.

Analysts said besides profit-booking by speculators at prevailing higher levels, fall in demand at the spot market against ample stocks position mainly weighed on crude palm oil prices.

(This article has not been edited by DNA's editorial team and is auto-generated from an agency feed.)