CRUDE palm oil (CPO) futures on Bursa Malaysia Derivatives closed a shade lower in quiet trading due to lack of interest.
“The market remained quiet. A majority of fund managers remained sidelined while others were still away for the Chinese New Year.
“Their absence was greatly felt by the market, but it was a blessing in disguise as lower prices helped clear the current high stocks, said Interband Group’s Senior Palm Oil Trader Jim Teh said.
Another dealer said investors refrained from taking up fresh positions ahead of Thursday’s release palm oil export data.
March shed RM56 to RM2,600, April eased RM14 to RM2,630, May decreased RM11 to RM2,624 and June slipped RM11 to RM2,616.
Turnover fell to 11,713 lots from 15,847 lots but open interest increased to 83,180 contracts from 82,196 contracts on Tuesday.
On the physical market, March South was quoted at RM2,610, down RM50 from the previous day.
Source : Business Times