NEW DELHI, Feb 5: Crude palm oil prices declined by Rs 2.70 to Rs 460.20 per 10 kg in futures trade today, as speculators offloaded their positions, amid a weakening overseas trend.
At the Multi Commodity Exchange, crude palm oil for delivery in March declined by Rs 2.70, or 0.58 per cent, to Rs 460.20 per 10 kg in a business turnover of 297 lots.
Likewise, the oil for delivery in February shed Rs 2.60, or 0.57 per cent, to Rs 449.60 per 10 kg in 277 lots.
Market analysts said speculators offloading positions in tandem with weakening overseas trend, mainly led to the fall in crude palm oil prices at futures trade.
In global markets, palm oil dropped as renewed concern that Europe’s worsening debt crisis led to a decline in crude oil from biofuel makers.
The oil fell 1.20 per cent to USD 819 a metric tonne on the Malaysia Derivatives Exchange. (PTI)
Follow our WhatsApp channel