Crude palm oil extends losses on low spot demand

Commodity sheds 0.11% as higher supplies from producing belts kept pressure on crude palm oil prices

Continuing its losing streak for the fourth straight session, crude palm oil prices fell by 0.11 per cent to Rs 441.20 per 10 kg in futures trade today as speculators indulged in reducing positions on sluggish demand in spot market.

Further, higher supplies from producing belts kept pressure on crude palm oil prices.

At the Multi Commodity Exchange, crude palm oil for delivery in April shed 50 paise, or 0.11 per cent to Rs 441.20 per 10 kg in business turnover of 27 lots.

The oil for delivery in May eased by 40 paise, or 0.09 per cent to Rs 443.60 per 10 kg in 107 lots.
 
Analysts attributed the fall in crude palm oil futures to subdued demand in the spot market against adequate stocks position on higher supplies from producing belts.