KUALA LUMPUR: Weak buying interest influenced crude palm oil (CPO) futures prices to close lower yesterday, and tumbling to an eight-month low.
Phillip Futures specialist David Ng said the downtrend signified mounting pressure amid a strengthening ringgit and record soyabean supplies which is weighing on the CPO market.
July 2014 slipped RM35 to RM2,375 a tonne, August 2014 declined RM32 to RM2,345, September 2014 fell RM48 to RM2,298, and October 2014 lost RM47 to RM2,284 a tonne.
Volume rose to 53,721 lots from 36,041 lots on Friday, while open interest widened to 265,345 contracts from 259,649 contracts.
On the physical market, July South depreciated by RM60 to close at RM2,400 a tonne from previously. Bernama
Source : New Straits Times