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Crude palm oil prices declined by Rs 1.80 to Rs 543.20 per 10 kg today as speculators offloaded positions amid a weakening global trend.
At the Multi Commodity Exchange, crude palm oil for delivery in February declined by Rs 1.80, or 0.33%, to Rs 543.20 per 10 kg in business turnover of 50 lots.
Likewise, the oil for delivery in January shed Rs 1.50, or 0.27%, to Rs 538.30 per 10 kg in 53 lots.
Market analysts said offloading of positions by speculators in tandem with a weakening global trend mainly led to the fall in crude palm oil prices at futures trade.
Meanwhile, palm oil for March delivery lost 0.80% to 2,540 ringgit (USD 775) a tonne on the Bursa Malaysia Derivatives Exchange after it fell for the fifth day to the lowest level in almost two months on concern that demand for the tropical oil used in everything from food to fuel may shrink on increasing supplies of soybean oil.
