CPO Futures Close Lower on Weak Exports

CPO Futures Close Lower on Weak Exports

KUALA LUMPUR: Crude palm oil (CPO) futures prices on Bursa Malaysia Derivatives closed lower yesterday amid weaker export estimates as projected by cargo surveyors, a dealer said.

Phillip Futures Sdn Bhd derivative product specialist, David Ng, said the narrowing price differences between soyaoil and palm oil were also pushing importers over to bean oil as favourite vegetable oil.

“Apart from that, anticipation in the increase in India’s import tax may curb additional demand for palm oil.

“However, persistent weaker ringgit may contribute some support,” he said.

At the close, December 2014 eased RM21 to RM2,213 a tonne, January 2014 slipped RM2,218 a tonne, February 2015 fell RM22 to RM2,223 a tonne, and March declined RM20 to RM2,232 a tonne.

Volume increased to 36,165 lots from 34,564 lots on Wednesday while open interest decreased to 248,109 contracts from 248,309 contracts previously.Bernama

Source : New Straits Times

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