Crude palm oil prices fell on Monday on emergence of profit-selling at existing higher levels after a decline in demand in the spot market.
At the MCX, Crude palm oil futures for March 2012 contract were trading at Rs. 570.50 per 10 kg, down by 0.11%, after opening at Rs. 570 against the previous closing price of Rs.571.10. It touched the intra-day low of Rs. 569.40 till the trading. (At 4.11 PM today).
However, investors expect Malaysia's strong export trend to continue as big buyers like China may increase edible oil shipments. Soybean supply fears in drought-hit South America also supported the sentiment.
On Friday, prices fell as some traders booked profits from a nine-month high notched in the previous session.
Palm oil is India's most popular oil, with a 45% share of the edible oil market. Malaysia (13 million tons) and Indonesia (10 million tons) are the major producers. They together account for 85% of production