Crude palm oil futures dip on profit booking

New Delhi, Feb 14 (PTI) Crude palm oil prices fell by Rs 1.40 to Rs 589.60 per 10 kg in futures trading today as speculators indulged in profit booking amid a down trend in overseas markets.

At the Multi Commodity Exchange, crude palm oil for delivery March contract declined by Rs 1.40, or 0.24 per cent to Rs 589.60 per 10 kg, with a business volume of a single lot.

Likewise, the oil for delivery in February contract shed Rs 1.10, or 0.19 per cent to Rs 583 per 10 kg, with an open interest of one lot.

Traders said apart from profit-booking by speculators, subdued demand in the spot market and weak trend overseas also weighed on the crude palm oil futures prices here.

Meanwhile, palm oil futures for the April delivery contract declined 0.9 per cent to USD 1,284 a metric tonne on the Malaysia Derivatives Exchange.

(Source: http://in.news.yahoo.com/crude-palm-oil-futures-dip-profit-booking-20110213-221600-483.html)