CPO Futures Dampened by Stronger Ringgit

CRUDE palm oil futures on the Malaysia Derivatives Exchange closed

lower yesterday due to a strengthening of the ringgit, dealers said.

They

said the stronger local currency against the US dollar dampened

sentiment, as the commodity became unattractive to both hedge funds and

importers.

The May 2010 and August 2010 contracts declined RM24

each to RM2,496 and RM2,470 a tonne, respectively. June 2010 fell

RM25 to RM2,483 and July 2010 dropped RM27 to RM2,471.

Volume declined to 11,659 contracts from 17,814 lots on Tuesday and open

interests slipped to 67,525 contracts from 67,796 contracts previously.

In

the physical market, May South stood at RM2,500 a tonne.

Source : Business Times

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