Crude palm oil prices fell by over one per cent to Rs 4,477 per barrel in futures trade today as speculators reduced their holdings, tracking a weakening global trend.
At the Multi Commodity Exchange, crude palm oil for October delivery fell by Rs 46, or 1.02%, to Rs 4,477 per barrel, with a business volume of two lots.
Similarly, the oil for July delivery lost Rs 41, or 0.94%, to Rs 4,342 per barrel, with an open interest for 6,274 lots. The oil for August delivery also shed Rs 44, or 0.88%, to Rs 4,385 per barrel, with a turnover of 867 lots.
Market analysts said the fall in crude futures was mostly due to off-loading of positions by speculators as it fell in New York, after the US's credit rating was put under review of a downgrade, raising speculation a slowdown in economic growth may affect fuel demand in the world's biggest consumer.
Meanwhile, crude palm oil for August delivery fell by 51 cents to $97.54 a barrel on the New York Mercantile Exchange.
