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Tracking a weak trend in global markets and subdued domestic demand, crude palm oil prices declined by Rs 5.70 to Rs 479 per 10 kg at the futures trade today.
Trading sentiment remained bearish as palm oil dropped to the lowest level in almost eight months overseas after a decline in crude oil prices cut the appeal of vegetable oils as a feedstock for biofuel.
At the Multi Commodity Exchange, crude palm oil for delivery in August declined by Rs 5.70 or 1.18 per cent to Rs 479 per 10 kg with a business turnover of 82 lots. Likewise, June contract shed Rs 5.60 or 1.15 per cent to Rs 480 per 10 kg in nine lots.
Meanwhile, palm oil for September delivery lost one per cent to $1,009 a tonne at the Malaysia Derivatives Exchange, the lowest since November 3.
Traders said besides a weakening global trend, sluggish demand at the spot market also led to the fall in crude palm oil futures prices.
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