CPO Futures Fall as Traders Take Profit

CRUDE palm oil futures prices on Bursa Malaysia Derivatives retreated to close lower yesterday as traders took profits ahead of the release of key export and production data, a dealer said. The Malaysian Palm Oil Board and cargo surveyors are expected to release the market moving statistics next week. The market estimates weak export data and this prompted cautious trading among traders.

“Local fundamentals remain weak. However, external development continues to lend some support to local prices,” one dealer said, adding that the local market is expected to follow the bullish trend on the cash market. At close, October 2009 fell RM52 to RM2,069 per tonne, November declined RM46 to RM2,040, December dropped RM47 to RM2,030 and January 2010 lost RM40 to RM2,032 a tonne. The day’s turnover rose to 15,066 lots from 12,322 lots on Wednesday while open interest was reduced at 91,556 contracts from 98,333 contracts previously. On the physical market, current month October South came off RM30 to RM2,100 per tonne. Source : Business Times

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