Crude palm oil futures extend weakness on higher supply

Falling for the sixth straight day, crude palm oil eased further by 0.20 per cent to Rs 407.70 per 10 kg in futures trade today as participants indulged in reducing their positions, triggered by higher supplies from producing belts at spot market.
At Multi Commodity Exchange, crude palm oil for delivery in September month shed 80 paise, or 0.20 per cent to Rs 407.70 per 10 kg in business turnover of 7 lots.
Likewise, the oil for delivery in August contracts traded lower by 70 paise, or 0.17 per cent to Rs 406.50 per 10 kg in 38 lots.
Analysts said offloading of positions by speculators, triggered by higher supplies from producing belts in the physical market against sluggish demand mainly kept pressure on crude palm oil prices at futures trade.