CPO Futures Downtrend Continues

Crude palm oil futures prices extended the downtrend yesterday on continued profit-taking by speculators and lower demand.

Interband Group of Companies senior palm oil trader Jim Teh said China’s bearish manufacturing data coupled with renewed concerns over the European debt crisis pushed players away.

June 2012 and July 2012 shed RM97 each to RM2,973 a tonne and RM3,003, respectively. Meanwhile, August 2012 and September 2012 fell RM95 each to RM3,006 and RM3,000, respectively.

Volume rose to 29,453 lots from 23,847 lots, while open interest rose to 98,345 contracts 98,195 on Thursday.

On the physical market, June South dived RM120 to RM3,020

Source: Business Times

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