KUALA LUMPUR: Crude palm oil (CPO) futures contracts closed mostly lower on the US’ rainy weather prediction and the Fed’s inaction that erased hopes for new stimulus actions, dealers said.
A dealer said the US rain prediction would indirectly increase soyabean production and increase supply again. A fall in soyabean oil could increase demand for CPO, he added.
Meanwhile, the Plantation Industries and Commodities Ministry has reiterated that the latest two million tonnes increase in the duty-free CPO export quota was only a temporary measure for stock management and ensuring good prices for producers.
August 2012 slid RM14 to RM2,910 a tonne, September 2012 fell RM12 to RM2,20, October 2012 gained RM1 to RM2,946 and November 2012 added RM2 to RM2,955.
On the physical market, August South lost RM10 to RM2,920 a tonne.
Source : Business Times
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