Crude palm oil futures extend losses on global cues

Crude palm oil futures extended losses for the second straight day by losing Rs 6.70 to Rs 533 per 10 kg, as speculators reduced their positions in tandem with a weakening global trend.

The trading sentiment turned bearish after palm oil fell to a two-week low in global markets, on speculation that a bigger US soybean crop will boost global cooking oil supplies.

At Malaysia, palm oil  dropped 1.4% to $1,007 a tonne on the Malaysia Derivatives Exchange.

At the Multi Commodity Exchange, crude palm oil for delivery in February fell by Rs 6.70, or 1.24%, to Rs 533 per 10 kg in business turnover of 207 lots.

In a similar fashion, the oil for delivery in January moved down by Rs 6.40, or 1.21%, to Rs 531.90 per 10 kg in 221 lots.