THE crude palm oil (CPO) futures closed mostly lower yesterday on poor outlook for exports in view of stiff competition from Indonesia, dealers said.
Indonesia’s move to slash export taxes for processed oils last year has made refined vegetable oils more attractive and cheaper.
Societe Generale de Surveillance said Malaysian CPO exports slumped to 74,640 tonnes for the Jan 1-25 period from 301,734 tonnes in the corresponding tenure of the previous month.
February 2012 fell RM15 to RM3,075 per tonne, March 2012 declined RM7 to RM3,078 per tonne, April 2012 lost RM4 to RM3,078 per tonne and May 2012 was unchanged at RM3,075 per tonne.
Source: Business Times