Crude palm oil futures prices fell by Rs 6 to Rs 591.50 per 10 kg in futures trade today on emergence of profit-selling at existing higher levels. Demand in the spot market also declined taking prices lower.
Weakening trend overseas also put pressure on the oil prices. In Malaysia, the palm oil lost 1.8% to $1,045 per tonne.
At the MCX, crude palm oil for June month contract fell by Rs 6, or one per cent, to Rs 591.50 per 10 kg with trading volume of 516 lots.
The May month contract moved down by Rs 5.40, or 0.90%, to Rs 589 per 10 kg with business volume of 518 lots.
Marketmen said emergence of profit-selling by speculators, driven by fall in demand in the spot market led to fall in crude palm oil prices at futures market.
They said offloading of positions by speculators on the back of a weak trend at spot market mainly helped crude palm oil futures prices to trade marginal lower.