Crude palm oil prices declined by Rs 3.10 to Rs 496.70 per 10 kg in futures trade today on profit booking by the speculators due to sluggish domestic demand.
Trading sentiment also remained bearish as palm oil futures in Malaysia traded moderately lower on slowing demand for the commodity among bio fuel producers.
At the Multi Commodity Exchange, October crude palm oil fell by Rs 3.10 or 0.62% to Rs 496.70 per 10 kg with a business turnover of 165 lots.
The September contract eased by Rs 3 or 0.59% to Rs 497.10 per 10 kg in 75 lots, while November month contract moved down by Rs 2.60 or 0.46% to Rs 496.50 per 10 kg in 32 lots.
Traders said beside profit-taking by speculators, fall in demand against adequate stocks in physical market mainly led to the fall in crude palm oil prices in the futures market.
They said a weakening global trend also influenced the market sentiment.
In Malaysia, the November-delivery contract on the Malaysia Derivatives Exchange dropped 1.4% to 978 dollar per metric tonne.
