CRUDE palm oil futures prices on Bursa Malaysia Derivatives closed lower yesterday as concerns about oversupply dampened sentiment.
“Demand was still there due to mild pre-stocking activities ahead of Ramadan but sentiment remained fragile as most traders expect production to increase further,” a dealer said.
She said uncertainty in soya oil prices coupled with wobbly external markets also kept most buyers away.
July 2011 contracts dropped RM47 to close at RM3,205 a tonne and August 2011 lost RM50 to close at RM3,190.
September 2011 decreased by RM43 to RM3,178 while October 2011 eased RM48 to RM3,179.
Source: Business Times