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Crude palm oil prices declined by Rs 2.70 to Rs 493.70 per 10 kg at the futures trade today as speculators reduced their positions on the back of a weakening global trend.
At the Multi Commodity Exchange, crude palm oil for delivery in August declined by Rs 2.70 or 0.54 per cent to Rs 493.70 per 10 kg with a business turnover of 118 lots. Similarly, June contract shed Rs 2.20 or 0.45 per cent to Rs 491.50 per 10 kg with an open interest of 520 lots.
Traders said sluggish demand at the spot market also led to the fall in crude palm oil futures prices.
Meanwhile, palm oil fell 0.3 per cent at the Malaysia derivatives Exchange.
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