KUALA LUMPUR: Crude palm oil (CPO) futures contracts on Bursa Malaysia Derivatives closed sharply lower yesterday, hitting a fresh 10-month low as improving output and slower exports in Southeast Asian countries stirred concerns over swelling stocks, dealers said.
A dealer said technically the palm oil price may hover above RM2,838.
“The figures had broke the lowest price in 2012. However, it is expected to recover by Wednesday,” said another dealer.
August 2012 and September 2012 fell RM19 each to RM2,798 and RM2,811 respectively. October 2012 dwindled RM13 to RM 2,858 and November 2012 eased RM9 to RM2,891.
August South remained unchanged at RM2,750 a tonne. to 536 sen per kg.
Source : Business Times