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Crude palm oil futures prices dropped by Rs 16 to Rs 545.40 per 10 kg today as speculators reduced their holdings due to weak global trend.
At the Multi Commodity Exchange, crude palm oil prices for May contract dropped by Rs 16 or 2.85 per cent to Rs 545.40 per 10 kg with a business turnover of just two lots.
Likewise, the oil for delivery in February fell by Rs 11.80 or 2.1 per cent to Rs 550.10 per 10 kg with a business volume of four lots.
Traders said offloading of holdings by speculators on the back of weakening global trend mainly pulled down the crude palm oil futures prices.
Meanwhile, palm oil futures for May contract slumped 4.5 per cent to $1,148 on the Malaysia Derivatives Exchange, the biggest drop since November 18.
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