ET:Crude palm oil futures extend losses on weak global cues
NEW DELHI: Crude palm oil prices fell further by 0.52 per cent to Rs 476.10 per 10 kg in futures trade today as traders offloaded their positions, taking weak cues from overseas market.
At Multi Commodity Exchange, crude palm oil for August delivery fell by Rs 2.50, or 0.52 per cent, to Rs 476.10 per 10 kg, with a trade volume of 301 lots.
Similarly, oil prices for delivery in July declined by Re 1, or 0.20 per cent, to Rs 492.50 per 10 kg, with a trading volume of 35 lots.
Analysts said continued off-loading of positions by speculators in line with a weak trend in overseas market after palm oil traded near the lowest level in almost four years on forecasts for record global supplies of cooking oils.
The oil fell 1.40 per cent to USD 661 a tonne on the Malaysia Derivatives Exchange.
