Lack of Buying Interest Drags Down Palm Futures

Crude palm oil (CPO) futures prices on Bursa Malaysia Derivatives closed lower yesterday on lack of buying interest, dealers said.

They said market sentiment remained weak as traders cautiously awaited the upcoming export data and the August Malaysian Palm Oil Board (MPOB) supply and demand data which is due for release Thursday.

“Players are reluctant to participate actively in the market on concerns about production and weak demand,” a dealer said.

At the close, the CPO futures for September 2009 fell RM88 to RM2,200 a tonne, October 2009 declined RM74 to RM2,150 a tonne, November 2009 eased RM67 to RM2,130 per tonne and December 2009 slipped RM78 to RM2,112 per tonne.

Volume rose to 16,030 lots from 13,692 lots last Friday and open interests increased to 86,490 contracts from 85,989 contracts previously.

On the physical market, September South dropped to RM2,210 per tonne from RM2,320 per tonne previously. Source : Business Times

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