Crude palm oil prices dropped by Rs 5.70, or 1.39 per cent, to Rs 405 per 10 kg in futures trade today, as traders and speculators reduced their positions, driven by a weakening trend in global markets.
At the Multi Commodity Exchange counter, crude palm oil for November delivery dropped by Rs 5.70, or 1.39 per cent, to Rs 405 per 10 kg, with an open interest of 415 lots.
The oil for delivery in September-month also fell by Rs 3.60, or 0.86 per cent, to Rs 415.50 per 10 kg, with an open interest of 2,388 lots.
Marketmen said speculators reduced their positions following a weakening trend in global markets, which led to a fall in crude palm oil prices at futures trade.
Meanwhile, palm oil futures for November delivery fell 0.5 per cent to $843 a metric tonne on the Malaysia Derivatives Exchange.
