Crude palm oil (CPO) Futures Continued its Downtrend

KUALA LUMPUR: Crude palm oil (CPO) futures contracts on Bursa Malaysia Derivatives continued its downtrend for the fifth consecutive trading day on follow-through selling, dealers said.

A dealer said the market was weak as there was lack of strong buying interest from overseas to clear the stocks.

“It will take some time to clear the stocks,” he said.

December declined RM44 to RM2,101 a tonne, January 2013 eased RM65 to RM2,237, February 2013 was down RM54 to RM2,316 and March 2013 fell RM42 to RM2,382.

Turnover increased to 30,926 lots from 20,776 lots last Friday, while open interest rose to 173,572 contracts from 162,347 contracts previously.

On the physical market, December South fell RM40 to RM2,100 a tonne. Bernama

Source :  Business Times

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