Crude palm oil futures prices today declined by Rs 5.40 to Rs 414.50 per 10 kg as speculators booked profits due to subdued spot demand.
A weakening global trend after the Malaysian government announced a cut the crude palm oil export taxes and discontinue a tax free shipment quota from January 1.
At the Multi Commodity Exchange, the the November contract for crude palm oil declined by Rs 5.40, or 1.28% to Rs 414.50 per 10 kg in a business turnover of 585 lots.
The October contract shed Rs 5.20, or 1.25% to Rs 410.30 per 10 kg in 365 lots.
Traders said besides profit-taking by speculators, subdued demand in the domestic markets led to decline in crude palm oil prices at futures market.
They said a weak trend in the Malaysian Derivative Exchange, the major global supplier of the oil, also influenced the market sentiment.
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