Crude palm oil prices declined by Rs 2.70, or 0.63 per cent, to Rs 420 per 10 kg in futures trade today on emergence of profit-taking, driven by subdued demand in physical markets.
Trading sentiment also turned bearish as palm oil futures in Malaysia traded moderately lowered on slow demand for the commodity among biofuel producers.
At the Multi Commodity Exchange platform, crude palm oil for September-month contract fell by Rs 2.70, or 0.63 per cent, to Rs 420 per 10 kg, with a business turnover of 22 lots.
The oil for November-month contract eased by Rs 2.70, or 0.64 per cent, to Rs 415 per 10 kg, with a business volume of 40 lots, while October-month contract moved down by Rs 2.60, or 0.61 per cent, to Rs 419 per 10 kg, with an open interest of 70 lots.
Traders said beside profit-taking by speculators, fall in demand against adequate stocks in physical market mainly led to a decline crude palm oil prices at futures market.
