MUMBAI (Commodity Online): Crude Palm Oil futures dropped Thursday on profit booking by the traders on the back of subdued domestic demand.
In MCX crude palm oil February contract is trading at Rs.513.30 per Kg, down by 1.04 per cent on 14:55 IST against the previous close.
In the morning session the contract traded at a range of Rs.512.20-522.40 per quintal. Open interest of the contract is 3942 lots and volume traded is 554 lots for the time being.
Palm oil is down 6% so far this year. It may fall further in coming weeks as Malaysia's palm oil exports may continue to decline in February due the Malaysian government's delay in issuing tax-free export quotas.
Shipment data by cargo surveyors Intertek Agri Services and SGS (Malaysia) Bhd. showed sharp declines in January exports, raising the likelihood that end-month stocks will remain above 2 million tons. End-December stocks totaled 2.04 million tons, data from the Malaysian Palm Oil Board showed.
