Crude palm oil prices declined by Rs 2.70 to Rs 493.70 per 10 kg in futures trade today as speculators reduced their positions on the back of a weakening global trend.
At the Multi Commodity Exchange, crude palm oil for delivery in August declined by Rs 2.70, or 0.54%, to Rs 493.70 per 10 kg, with business turnover of 118 lots.
Similarly, the oil for delivery in June shed Rs 2.20, or 0.45%, to Rs 491.50 per 10 kg, with an open interest of 520 lots.
Traders said sluggish demand in the spot market also led to the fall in crude palm oil futures prices. Meanwhile, palm oil fell 0.3% on the Malaysia derivatives Exchange.