Crude palm oil extends losses in futures trade on muted demand

Continuing its losing streak for the fourth day at the Multi Commodity Exchange, Crude palm oil fell by another 0.15% to Rs. 529 per 10 kg in business turnover of 56 lots in futures trading on Friday as traders cut down their bets, tracking a weak trend at spot market on low demand.

On similar lines, the oil for delivery in June contracts shed 50 paise, or 0.09 per cent, to Rs 532.90 per 10 kg in 62 lots.

Analysts said offloading of positions by participants is due to sluggish demand in the spot markets against sufficient stocks position on higher supplies from producing belts kept pressure on crude palm oil prices at futures trade.