CPO Futures Lower Amid Cautious Trade

CRUDE palm oil futures on Bursa Malaysia Derivatives closed lower
yesterday as traders were cautious ahead of export statistics to be

released this week.

“There are not many leads in the market.

Export numbers are not expected to be fantastic for March despite

earlier predictions of strong growth,” a trader with a foreign

brokerage said.

Cargo surveyors Intertek Testing Services and

Societe Generale de Surveillance will submit reports on Malaysia’s

March palm oil exports on Wednesday.

April 2010 fell RM10 to RM2,589 per tonne, May 2010 declined RM12 to

RM2,553 per tonne, June 2010 dropped RM14 to RM2,520 and July 2010

declined RM11 to RM2,510.

Overall volume increased to 15,623

lots from 14,711 lots last Friday.

Meanwhile, open interest

rose to 79,209 contracts from 78,501 contracts previously.

On the

physical market, April South dropped to RM2,590 a tonne from RM2,610 a

tonne.

The firmer ringgit also made the commodity less

attractive, a dealer said. The local currency closed at 3.2700/2750, a

20-month high against the US dollar, aided by bullish local and regional

equity markets.

Source : Business Times

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