Crude palm oil futures prices fell by Rs 2.80 to Rs 516.70 per 10 kg today as traders reduced their positions, influenced by a weakening trend overseas.
Crude palm oil declined for the third straight day as investors switched to safer assets amid deepening concerns that the debt problems of the US and Europe may slow global economic growth, hurting demand for food and fuel.
At the Multi Commodity Exchange, November crude palm oil fell by Rs 2.80, or 0.53%, to Rs 516.70 per 10 kg, with a business turnover of 67 lots.
The January contract lost Rs 2.80, or 0.53%, to Rs 524.50 per 10 kg in 207 lots, while December delivery CPO fell by Rs 2.70, or 0.51%, to Rs 520.90 per 10 kg.
Market analysts said the adjustment of positions by traders amid a weakening global trend mainly led to the fall in crude palm oil prices in the futures market.
Meanwhile, palm oil declined by 0.7% to USD 991 a metric tonne on the Malaysia Derivatives Exchange.
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