CPO Futures Down on Bearish Mood

CRUDE palm oil futures on Bursa Malaysia Derivatives ended lower on bearish external factors, dealers said yesterday.

A dealer said the market tumbled after weaker overseas soy prices weighed on sentiment amid growing stocks.

Malaysia’s

palm oil inventory hit a 18-month high in June as strong production,

due to favourable weather, outpaced weaker overseas demand.

August 2011 and September 2011 fell RM31 each to RM3,090 a tonne and

RM3,085 respectively, October 2011 declined RM37 to RM3,078 while

November 2011 was introduced at RM3,075.

Turnover increased

slightly to 22,876 lots from 22,251 lots last Friday while open interest

slipped to 134,890 contracts from 136,602 previously.

On the physical market, July South declined RM50 to RM3,100 a tonne.

Source : Business Times

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