28/04/2011 (Commodity Online) - The crude palm oil futures traded on a negative note retreating from its recent rise due to profit selling.

Weak trend in BMD palm oil market, which was driven by decline in crude oil prices pressurized the Indian market. Dwindling demand for oil from China added bearishness to the global market.

Outlook

The crude palm oil futures are projected to trade on a negative note on extended profit selling.

Weak trend in international market is likely to exert pressure on Indian market. A correction in international crude oil prices is resulting into weak trend in BMD palm oil market.

The July delivery BMD CPO futures are trading at MYR3297 a ton, down 0.99%. After a witnessing a strong rally in last couple of trading session, the NYMEX crude oil futures are trading on a weaker note due to profit selling.

As a result of falling crude oil, the demand for CPO as an alternate energy source may shrink, which may exert pressure on the price movement.