Crude palm oil prices fell further by Rs 2.20 to Rs 472.40 per kg in futures trade today following profit taking by traders, due to weak demand and higher supply in the spot market.
Weakening trend in overseas markets also put pressure on the oil prices.
At the Multi Commodity Exchange, crude palm oil for delivery in July fell by Rs 2.20, or 0.46%, to Rs 472.40 per 10 kg, with a business turnover of 21 lots.
The oil for August delivery also eased by Rs 2.10, or 0.44%, to Rs 471 per 10 kg, with a business volume of 45 lots. Similarly, September contract for oil moved down by Rs 1.30, or 0.27%, to Rs 470.10 per 10 kg, with a trading volume of 29 lots.
Traders said besides profit-booking by speculators, fall in demand against adequate stocks in the physical market mainly led to the fall in crude palm oil futures prices.
They said a weakening trend in Malaysian markets, a hub for world palm oil export, further influenced the market sentiment.
