Palm Futures Downtrend Continues

KUALA LUMPUR: Crude palm oil futures on Bursa Malaysia Derivatives extended its downtrend yesterday on continued profit-taking activities by speculators, a dealer said.

As demand remained bearish, prices dipped below RM3,000 a tonne, prompted by renewed concerns over the European debt crisis.

Spot month June 2012 declined RM28 to RM2,945, nearby July 2012 sank RM51 to RM2,952, August 2012 erased RM53 to RM2,953 and September 2012 dropped RM51 to RM2,949.

Volume rose to 42,377 lots from 29,453 lots on Friday while open interest increased slightly to 98,402 contracts from 98,345 previously.

On the physical market, June South fell RM50 to RM2,970.

Source: Business Times

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