Amid a weak global trend and sluggish domestic demand, crude palm oil futures prices fell sharply by 2.66% to Rs 432.20 per 10 kg today.
The sentiment weakened after palm oil tumbled to the lowest level in more than two years in global markets on speculation that Malaysian stockpiles will continue to increase amid a seasonal gain in output.
At the Multi Commodity Exchange, crude oil for delivery in October plunged by Rs 11.80, or 2.66%, to Rs 432.20 per 10 kg in a business turnover of 727 lots.
The November contract fell by Rs 11.70, or 2.65%, to Rs 430.20 per 10 kg in 1,092 lots.
Market experts attributed the fall in crude palm oil futures to sluggish demand in the spot market amid a weak global trend.
Meanwhile, palm oil for the December delivery lost 2.8% to $806 a tonne on the Malaysia Derivatives Exchange, the lowest level since July 2010.
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