Crude palm oil extend losses on weak demand

Crude palm oil extended losses for the second day in a row and prices eased further by 0.15% to Rs 453 per 10 kg in futures market today as speculators reduced holdings amidst subdued demand in the spot market.

Also, ample stocks position in the physical market following increased arrivals from producing regions influenced sentiment.

At the Multi Commodity Exchange, crude palm oil for delivery in December shed 70 paise, or 0.15% to Rs 453 per 10 kg in business turnover of 54 lots.

Similarly, the oil for delivery in November contracts traded lower by 30 paise, or 0.07% to Rs 448.20 per 10 kg in 32 lots.
 
Market analysts said continued offloading of positions by speculators due to sluggish demand in the spot markets mainly kept pressure on crude palm oil prices at futures trade.