Crude palm oil extends losses on profit-booking

Crude palm oil futures weakened by Rs 7.70 to Rs 506 per 10 kg in futures trade today as speculators locked in gains recorded in the previous session.

In addition, a fall in demand in the spot market put pressure on crude palm oil in futures trade here.

At the Multi Commodity Exchange, January crude palm oil fell by Rs 7.70, or 1.50%, to Rs 506 per 10 kg, with an open interest for 52 lots.

The December contract lost Rs 7.10, or 1.39%, to Rs 502 per 10 kg in 19 lots.

Traders said besides profit-booking by speculators, a fall in demand in the spot market mainly led to the decline in crude palm oil prices in the futures market.