Palm futures dip on weak buying interest

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

“Buyers are taking a cautious approach,” a dealer said, adding that the increase in March production weighed in on prices.

At the close, April 2011 fell RM24 to RM3,311 per tonne, May 2011 declined RM30 to RM3,271 per tonne, June 2011 dropped RM30 to RM3,252 per tonne and July 2011 lost RM31 to RM3,241 per tonne.

Turnover improved to 25,926 lots from the 19,805 recorded on Monday, while open interests fell to 89,598 contracts from 90,458 previously.

Source: Business Times

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