lower yesterday on technical selling, a dealer said.
was influenced by external factors, despite the fact that there is
potential for CPO outputs to decline amid the dry weather,” he said.
and Sabah have experienced a prolonged dry spell driven by the El
Nino weather condition that can axe yields and trigger a supply squeeze.
April 2010 shed RM55 to RM2,569 per tonne, May 2010 declined RM54 to
RM2,550, June 2010 fell RM60 to RM2,535 and July 2010 eased RM53 to
RM2,530 per tonne.
“It’s more on technicals. The funds have a
bearish view on the commodity markets and it’s hitting palm oil,” a
trader based in Kuala Lumpur said.
Another trader said: “Crude
oil has started to fall now and it’s triggering profit-taking all over
Overall volume rose to 21,730 lots from 15,515 lots
on Wednesday while open interest shed to 81,232 contracts from 84,059
On the physical market, March South went
down to RM2,580 per tonne from RM2,630 per tonne on Wednesday.
Source : Business Times