Crude palm oil down 1.6% on sluggish demand

Oil for delivery in the same month traded lower by 1.37%

Crude palm oil prices extended losses for the second straight day by losing 1.62% to Rs 546.10 per 10 kg in futures trade today largely in tune with sluggish demand in the spot market.

At the Multi Commodity Exchange, crude palm oil for delivery in September fell by Rs 9, or 1.62% to Rs 546.10 per 10 kg in business turnover of 425 lots.

Similarly, the oil for delivery in the same month traded lower by Rs 7.70, or 1.37% to Rs 563.70 per 10 kg in 277 lots.

In a similar fashion, the oil for delivery in October traded lower by Rs 8.40, or 1.53% to Rs 540.50 per 10 kg in 135 lots.
 
Market analysts said besides sluggish demand in the spot market, adequate stocks positions mainly kept pressure on crude palm oil prices at futures trade.