CPO Futures Hit by Profit-Taking

KUALA LUMPUR: Crude palm oil (CPO) futures on Bursa Malaysia Derivatives closed lower yesterday on profit-taking.

Interband Group of Companies senior trader Jim Teh said speculators were in the market, hoping to make a profit.

He expected the CPO price to hover between RM3,200 and RM3,00 a tonne this week on speculative play.

April 2012 fell RM6 to RM3,364, May 2012 rose RM3 to RM3,371, June 2012 declined RM7 to RM3,366 and July 2012 decreased RM1 to RM3,365 a tonne.

Volume advanced to 28,255 lots from 24,893 lots on Monday. Open interest fell to 123,984 contracts from 125,642 previously.

On the physical market, March South climbed RM10 to RM3,370 a tonne.

Source: Business Times

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