CPO Futures Remain Soft on Correction

Crude palm oil futures on Bursa Malaysia Derivaties remained soft as the tightening of China’s monetary policy raised demand concerns, said dealers.

Although losses were limited, players remained cautious, ahead of the release of production, export and stock data by the Malaysian Palm Oil Board on Monday.

Interband Senior Trader Jim Teh said it was better for the market to enter a correction phase as prices have been riding high the past few weeks.

” It should be good for the industry if crude palm oil futures fetch RM2,500 per tonne and below,” he said.

January 2010 fell RM10 to RM2,570 per tonne, February 2010 dropped RM18 to RM2,592 per tonne, March 2010 slipped RM4 to RM2,626 per tonne and April 2010 shed RM5 to RM2,636 per tonne.

Turnover rose to 20,15 lots from 17,032 lots on Thursday and open interest improved marginally to 80,208 contracts from 78,741 contracts on Thursday. Source : Business Times

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