KUALA LUMPUR: Crude palm oil (CPO) futures prices on Bursa Malaysia Derivatives ended lower yesterday after Monday’s rebound on continued selling pressure.
A dealer said there was no fundamental reason for the rebound to outweigh negative news surrounding the market.
Phillip Futures Sdn Bhd derivative product specialist David Ng said a series of default from major destinations like China and India had mounted pressure on stock supplies for the month of August.
At the close, spot month September 2014 slipped RM14 to RM2,035 a tonne, October 2014 fell RM23 to RM2,007 a tonne, November 2014 fell RM18 to RM2,012 a tonne while December 2014 lost RM16 to RM2,037 a tonne.
Volume declined to 52,303 lots from 60,811 lots on Monday while open interest decreased to 296,840 contracts from 309,727 contracts yesterday.
On the physical market, September South dipped RM20 to RM2,040 per tonne from RM2,060 per tonne previously. Bernama
Source : New Straits Times