Palm Futures Down on Profit-Taking

CRUDE palm oil (CPO) futures contracts on Bursa Malaysia Derivatives closed lower yesterday on continued profit-taking influenced by lower soyabean oil future prices, dealers said.

A dealer said demand was lower as market participants awaited the US Department of Agriculture (USDA)’s report on world crop due for release tonight.

At the close, January and February fell RM17 each to close at RM3,207 per tonne and RM3,220 per tonne respectively. March decreased RM31 to RM3,202 and April slipped RM19 to RM3,209 per tonne.

Volume rose to 16,449 lots from 16,062 lots on Wednesday, and open interest climbed to 116,157 contracts from 114,847 contracts previously.

Source: Business Times

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