CPO Futures Marginally Lower on Profit-Taking

KUALA LUMPUR: The crude palm oil futures (CPO) contract on Bursa Malaysia Derivatives closed mixed on profit-taking but the market was generally positive amid strong fundamentals.

The spot month and nearby month May are still on the upside as the market looks forward to a positive data to be released next week.

Players are keenly awaiting for the March monthly data to be released by the Malaysian Palm Oil Board next Tuesday, said Kenanga Deutsche Futures’ dealer, Chan Chee Wei.

The data is expected to show stocks fell below two million tonnes for the first time in six months, with production sliding, but exports were up by about three per cent, he said.

The benchmark month June and the July contract were marginally lower on profit-taking.

At close yesterday, the April 2012 contract was last traded at RM3,572 a tonne, up RM8 from Monday, and May 2012 gained RM9 at RM3,550 a tonne. Bernama

Source: Business Times

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