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Tracking a weak global trend, crude palm oil prices fell by 0.99% to Rs 518.70 per 10 kg in futures market today as speculators offloaded their positions.
Sentiments also turned bearish after palm oil dropped for the second day in global markets on speculation that increasing output from Malaysia, the world's second-largest producer, will add to stockpiles.
At the Multi Commodity Exchange, crude palm oil for delivery in October declined by Rs 5.20, or 0.99%, to Rs 518.70 per 10 kg in business turnover of 137 lots.
Similarly, the oil for delivery in November traded lower by Rs 4.90, or 0.95% to Rs 513.10 per 10 kg in 52 lots.
Analysts said speculators offloaded their positions in tandem with a weak global trend, that mainly kept pressure on crude palm oil prices at futures trade.
Meanwhile, palm oil for December delivery fell 1% to $716 a tonne on the Malaysia Derivatives.
