Crude palm oil prices declined by Rs 1.80 to Rs 474.70 per 10 kg in futures market today, as speculators offloaded their positions, triggered by a weakening global trend.
Sentiments turned bearish after palm oil declined in Malaysia, on speculation that the soybean crop in the US may be bigger than expected, boosting supplies of edible oil.
Meanwhile, palm oil futures for January contract fell by 1.3% to $953 per tonne on the Malaysia Derivatives Exchange.
At the Multi Commodity Exchange, November crude palm oil declined by Rs 1.80, or 0.38%, to Rs 474.70 per 10 kg, with a business turnover of 86 lots.
The October contract is marginally lower by 30 paise, or 0.06%, to Rs 475.60 per 10 kg, with a trade volume of 52 lots.
Traders said offloading of positions by speculators due to a weakening global trend, mainly helped crude palm oil prices to trade lower at futures trade.
