Crude palm oil declines on global cues, profit-booking

MTECHTIPS

Crude palm oil declines on global cues, profit-booking

Crude palm oil prices declined by Rs 2.80 to Rs 433.40 per 10 kg in futures trade today as participants booked profits amid a weak trend overseas.Also, subdued demand in the spot markets put pressure on the oil prices.At the MCX the Nov contract for crude palm oil declined by Rs 2.80, or 0.64%, to Rs 433.40 per 10 kg, with a business turnover of 310 lots.The October contract shed Rs 1.20, or 0.28%, to Rs 424.80 per 10 kg, with a business turnover of 99 lots.Traders said besides profit-taking by speculators, a weak trend in the global markets and subdued demand in the domestic markets led to a decline in crude palm oil prices at futures market.

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