Crude palm oil futures extend losses on muted demand

Crude palm oil prices fell 0.77% to Rs 503.20 per 10 kg in futures trade today as participants cut down their bets, tracking a weak trend at spot market on subdued demand.

In addition, adequate stocks position on higher supplies from producing regions and weak trend at overseas markets also fuelled the downtrend.

At the Multi Commodity Exchange, crude palm oil for delivery in July fell Rs 3.90 or 0.77% to Rs 503.20 per 10 kg in a business turnover of 393 lots.

Also, the oil for delivery in June traded lower by Rs 2.40 or 0.47% to Rs 506.20 per 10 kg in 31 lots.
 

Analysts said offloading of positions by traders due to subdued demand in the spot market against sufficient stocks mainly kept crude palm oil prices lower at futures trade.