Crude palm oil prices declined by Rs 7.50 to Rs 553.30 per 10 kg in futures trade today on emergence of profit-booking by speculators, driven by subdued demand in the physical market.
Weak trend in overseas market fuelled the downtrend in crude palm oil futures.
At the Multi Commodity Exchange, crude palm oil for delivery in October month declined by Rs 7.50, or 1.33%, to Rs 553.30 per 10 kg in a business turnover of 465 lots.
The September contract shed Rs 6.70, or 1.20%, to Rs 549.50 per 10 kg in 388 lots.
Traders said besides profit-booking by speculators, subdued demand and a weak trend overseas led to the decline in crude palm oil prices at futures market.
Meanwhile, palm oil for delivery in November dropped 2% to 2,929 ringgit ($939) a metric tonne on the Malaysia Derivatives Exchange, the lowest price for the most-active contract since Aug 16.
