Crude palm oil futures extend losses on weak overseas cues

Crude palm oil prices fell by Rs 5.50 to Rs 573.70 per 10 kg in futures trade today on continued offloading by speculators on the back of weakening global trend.

Trading sentiment remained bearish on weak global trend as palm oil futures in Malaysia traded lower.

At the Multi Commodity Exchange counter, crude palm oil for March-month delivery declined by Rs 5.50, or 0.95 per cent, to Rs 573.70 per 10 kg, with an open interest of just one lot.

The oil for delivery in January lost Rs 4, or 0.71 per cent, to Rs 563 per 10 kg, with a business turnover of two lots.

Market analysts said offloading by speculators due to fall in demand in the spot market, amid weakening global trend led to the decline in crude palm oil prices at futures market here. 

Meanwhile, palm oil futures for March-delivery contract declined two per cent on the Malaysia Derivatives Exchange.