Palm Futures Fall on Weak Commodity Markets

Crude palm oil futures prices on Bursa Malaysia Derivatives closed lower yesterday on weak commodity markets globally, dealers said.

They said the bearish sentiment was due to renewed worries about the eurozone debt crisis, while the downtrend in equity markets globally put further pressure on the commodity markets.

June 2011 declined RM34 to close at RM3,443 a tonne while July 2011, August 2011 and September 2011 fell RM35 each to RM3,387, RM3,355 and RM3,344 respectively.
Turnover rose to 28,980 lots from 22,227 lots last Friday while open interest fell to 102,471 contracts from 105,668 previously.

On the physical market, June South was RM20 lower at RM3,440 a tonne from last Friday’s RM3,460.

Source : Business Times

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