Crude palm oil prices extended losses for the second straight day by losing Rs 1.60 to Rs 499.10 per 10 kg in futures market today as traders reduced their positions amid a weak global trend.
Trading sentiment remained bearish as palm oil dropped to the lowest level in a week in global markets on concerns that a slowing world economy may reduce demand for commodities.
At the Multi Commodity Exchange, October crude palm oil sheds Rs 1.60, or 0.32% to Rs 499.10 per 10 kg in business turnover of 81 lots.
The September contract lost Rs 1.50, or 0.30% to Rs 499.70 per 10 kg in 47 lots.
Market analysts said the fall in crude palm oil at futures trade was in line with a weak global trend.
Meanwhile, palm oil for the November delivery declined by 0.8% to 971 dollar per metric tonne, the lowest level since September 7 on the Malaysia Derivatives Exchange.
