Tracking a weak trend in global markets and subdued domestic demand, crude palm oil prices declined by Rs 5.70 to Rs 479 per 10 kg in futures trade today.
The trading sentiment remained bearish as palm oil dropped to the lowest level in almost eight months overseas after a decline in crude oil prices cut the appeal of vegetable oils as feedstock for biofuels.
At the Multi Commodity Exchange, crude palm oil for delivery in August declined by Rs 5.70, or 1.18%, to Rs 479 per 10 kg, with a business turnover of 82 lots.
Likewise, its prices for delivery in June shed Rs 5.60, or 1.15%, to Rs 480 per 10 kg in nine lots.
Meanwhile, palm oil for the September delivery lost one per cent to $1,009 a tonne on the Malaysia Derivatives Exchange, the lowest since November 3.
Traders said besides a weakening global trend, sluggish demand in the spot market also led to the fall in crude palm oil futures prices.
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