KUALA LUMPUR: Crude palm oil futures closed sharply lower in quiet trade yesterday following steep decline in global commodities overnight amid growing concern over China’s economy.
Phillip Futures Sdn Bhd investment analyst David Ng said traders were worried that China’s weak PMI would affect the world’s second-biggest buyer of palm oil.
Bursa Malaysia was closed on Wednesday for the Workers Day holiday.
May 2013 gained RM14 to RM2,235 a tonne, June 2013 increased RM28 to RM2,255, July 2013 improved RM25 to RM2,261 and August 2013 rose RM23 to RM2,260.
On the physical market, May South slipped to RM2,275 from RM2,290 a tonne.
Source : Business Times