Crude palm oil declines due to profit booking

On June 1, 2011, the prices of crude palm oil for the July contract fell by Rs 3.20, or 0.60% to Rs 529.50 per 10 kg, with a business turnover of 78 lots at the Multi Commodity Exchange (MCX) due to the profit booking by the traders at the prevailing increased levels tracking the decline in the spot market demand.

The oil for the June contract shed Rs 2.40, or 0.45% to Rs 531.30 per 10 kg in 62 lots a the MCX.

The palm oil fell 0.3% on the Malaysia Derivatives Exchange.

Moreover, the decline in the demand in the spot market also influenced the prices.

Read more about: commodities, crude palm oil, mcx, futures
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