 "Crude palm oil further down by 0.49% on global cues")
Crude palm oil extended losses for the second straight day with prices falling by 0.49% to Rs 506.20 per 10 kg in futures trading today as speculators offloaded positions amid a weak global trend.
At the Multi Commodity Exchange, crude palm oil for delivery in August declined by Rs 2.50, or 0.49%, to Rs 506.20 per 10 kg in business turnover of 80 lots.
Likewise, the oil for delivery in July traded lower by Rs 2, or 0.39%, to Rs 504.50 per 10 kg in 161 lots.
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Analysts said offloading of positions by speculators in line with weak global trend after the US increased estimates of soybean production and stockpiles before the next season's harvest, boosting the outlook for global oilseed supplies, mainly led to decline in crude palm oil prices at futures trade.
Meanwhile, palm oil for the contract for September retreated 1.3% to $739 a tonne on the Malaysia Derivatives.