Crude palm oil futures extend losses on profit-booking

Reports of a weak global trend fuel downtrend

Continued its falling trend for the third day, crude palm oil prices fell over 1 per cent to Rs 479.60 per 10 kg in futures trading today as speculators booked profits, driven by sluggish demand in the spot market.

Besides, reports of a weak global trend further fuelled the downtrend.

At the Multi Commodity Exchange, crude palm oil for delivery in August fell by Rs 4.90, or 1.01 per cent to Rs 479.60 per 10 kg in business turnover of 46 lots.

The September contract traded lower by Rs 4.60, or 1.00 per cent to Rs 456.60 per 10 kg in 32 lots.
 

Analysts said besides profit-booking by speculators, subdued demand in the spot market against sufficient supplies mainly kept pressure on crude palm oil prices at futures trade.