Crude palm oil prices declined by Rs 3.50 to Rs 481.50 per 10 kg in futures trade today as traders reduced their positions, taking cues from weak global market.
Besides, slack spot market demand also kept pressure on the crude palm oil prices at futures trade here.
At the Multi Commodity Exchange, crude palm oil for September delivery fell by Rs 3.50, or 0.72%, to Rs 481.50 per 10 kg, with a business turnover of 79 lots.
Similarly, the oil for July delivery lost Rs 3.20, or 0.66%, to Rs 482 per 10 kg, with an open interest of 123 lots. Market analysts said besides weakening global trend, fall in spot market demand mainly led to fall in crude palm oil futures prices.
Meanwhile, palm oil for September delivery lost 0.9% to $705 a tonne on the Malaysia Derivatives Exchange.
