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Continued its losing streak for the fifth straight session, crude palm oil prices fell further by 0.97% to Rs 451.20 per 10 kg in futures trade today as speculators engaged in offloading positions, driven by a fall in demand in the spot markets.
Further, higher supplies from producing belts also put pressure on crude palm oil prices.
At the Multi Commodity Exchange, crude palm oil for delivery in December declined by Rs 4.40, or 0.97% to Rs 451.20 per 10 kg in business turnover of 228 lots.
In a similar fashion, the oil for delivery in November contract traded lower by Rs 1.40, or 0.32% to Rs 441.60 per 10 kg in 6 lots.
Market analysts said persistent offloading of positions by speculators due to sluggish demand in the spot markets against higher supplies mainly kept pressure on crude palm oil prices at futures trade.
