Palm Futures Dip on Bearish Leads

KUALA LUMPUR: The crude palm oil futures closed lower following Indonesia’s decision to reduce its export tax for crude palm oil from 13.5 per cent to nine per cent.

They said prices were also weighed down by declines in prices of other vegetable oils. 

November 2012 shed RM75 to RM2,425 a tonne, December 2012 fell RM69 to RM2,492, January 2013 slipped RM55 to RM2,548 and February 2013 lost RM59 to RM2,581.

Turnover fell to 36,345 lots, from 36,498 lots, while open interest rose to 160,794, from 160,028 contracts previously.

On the physical market, November South slipped to RM2,400 from RM2,460 a tonne on Thursday. 

Source :  Business Times
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