Crude palm oil prices fell by Rs 5.80 to Rs 482.80 per 10 kg in futures trade today on sustained selling by speculators at prevailing higher prices.
Trading sentiment remained bearish as palm oil futures in Malaysia traded moderately lower on slowing demand for the commodity among biofuel producers.
Crude palm oil for September delivery fell by Rs 5.80, or 1.19%, to Rs 482.80 per 10 kg, with a trade volume of 153 lots. The oil for August delivery also declined by Rs 5.70, or 1.17%, to Rs 482.90 per 10 kg, with a business volume of 326 lots.
Similarly, the oil for July delivery eased by Rs 4.90, or 0.18%, to Rs 527.30 per 10 kg, with a trading volume of 208 lots.
Traders said sustained selling by speculators amid a weakening global trend mainly led to the fall in crude palm oil prices in the futures trade. Palm oil in Malaysia dropped as much as 1.6% to $1,038 a tonne.
