Palm Futures Down as Dealers Take Profit

CRUDE palm oil (CPO) futures on Bursa Malaysia Derivatives closed lower yesterday on profit-taking, dealers said.

A Reuters technical analysis showed Malaysian palm oil price will

decline further to RM3,570 tonne, based on its wave pattern and a

triangle pattern.

Although cargo surveyor Intertek Testing

Services said exports of Malaysian palm oil products for Feb. 1 to Feb.

20 fell 3.2 per cent to 825,180 tonnes from the same period a month

ago, demand from China limited the declines.

March 2011 declined RM29 to RM3,726 a tonne, April 2011 fell RM27 to

RM3,707, May 2011 erased RM27 to RM3,656 and June 2011 fell RM28 to

RM3,602.

Turnover decreased to 25,633 lots from 30,420 lots last

Friday while open interest rose to 111,250 contracts from 108,046

contracts previously.

On the physical market, March South stood at RM3,740 a tonne.

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