Crude palm oil prices declined by Rs 1.20 to Rs 501 per 10 kg in futures trade today on emergence of selling by traders, tracking a weakening global trend.
Trading sentiment turned bearish as palm oil dropped in Malaysia on speculations that supplies from Indonesia and Malaysia, the world's biggest producers, may rebound this month on estimates of a bigger soybean harvest in the US.
Meanwhile, the November contract declined by 0.8% to $986 per metric tonne on the Malaysia Derivatives Exchange.
At the Multi Commodity Exchange, October crude palm oil declined by Rs 1.20, or 0.24% to Rs 501 per 10 kg in business turnover of 7 lots.
The September contract shed 70 paise, or 0.14% to Rs 502 per 10 kg in 5 lots.
Market analysts said fresh selling by traders in tandem with a weakening global trend mainly led to decline in crude palm oil prices in the futures trade.
