MARKET DEVELOPMENT
Crude Palm Oil Futures Fall on Profit-Booking
Crude Palm Oil Futures Fall on Profit-Booking
16/04/2013 (Economic Times) - Crude palm oil futures prices fell by Rs 4.50 to Rs 459.10 per 10 kg today as speculators booked profits at prevailing higher levels.
Further, a weakening trend in overseas markets also put pressure on the palm oil prices at futures trade.
At the Multi Commodity Exchange, crude palm oil for delivery in May declined by Rs 4.50, or 0.97 per cent, to Rs 459.10 per 10 kg in business turnover of 225 lots.
Similarly, the oil for delivery in April traded lower by Rs 4.10, or 0.88 per cent, to Rs 459.20 per 10 kg in 250 lots.
Analysts said besides profit-booking by speculators at existing higher levels, a weak overseas trend also influenced crude palm oil futures prices.
Globally, palm oil for delivery in June dropped by 1.8 per cent to 2,303 ringgit ($ 758) a tonne on the Malaysia Derivatives Exchange, the lowest level for the most-active contract since December 20.
Further, a weakening trend in overseas markets also put pressure on the palm oil prices at futures trade.
At the Multi Commodity Exchange, crude palm oil for delivery in May declined by Rs 4.50, or 0.97 per cent, to Rs 459.10 per 10 kg in business turnover of 225 lots.
Similarly, the oil for delivery in April traded lower by Rs 4.10, or 0.88 per cent, to Rs 459.20 per 10 kg in 250 lots.
Analysts said besides profit-booking by speculators at existing higher levels, a weak overseas trend also influenced crude palm oil futures prices.
Globally, palm oil for delivery in June dropped by 1.8 per cent to 2,303 ringgit ($ 758) a tonne on the Malaysia Derivatives Exchange, the lowest level for the most-active contract since December 20.