Crude palm oil prices declined further by 1.21 per cent to Rs 477.90 per 10 kg in futures trading today as speculators engaged in reducing positions, triggered by easing demand in the spot market.
Besides, ample stocks on increased supplies from producing belts too fuelled the downtrend.
At the Multi Commodity Exchange, crude palm oil for delivery in current month fell by Rs 5.90, or 1.21 per cent, to Rs 477.90 per 10 kg, in a business turnover of 549 lots.
Likewise, the oil for delivery in August traded lower by Rs 5.50, or 1.15 per cent, to Rs 474.40 per 10 kg in 831 lots.
Analysts said trimming of positions by traders due to subdued demand in the spot market against sufficient stocks position mainly attributed the slide in crude palm oil prices at futures trade.
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