Crude palm oil futures extended losses for the second straight day by losing Rs 6.70 to Rs 533 per 10 kg, as speculators reduced their positions in tandem with a weakening global trend.
The trading sentiment turned bearish after palm oil fell to a two-week low in global markets, on speculation that a bigger US soybean crop will boost global cooking oil supplies.
At Malaysia, palm oil dropped 1.4% to $1,007 a tonne on the Malaysia Derivatives Exchange.
At the Multi Commodity Exchange, crude palm oil for delivery in February fell by Rs 6.70, or 1.24%, to Rs 533 per 10 kg in business turnover of 207 lots.
In a similar fashion, the oil for delivery in January moved down by Rs 6.40, or 1.21%, to Rs 531.90 per 10 kg in 221 lots.
