Palm Futures Lower on Lack of Demand

KUALA LUMPUR: Crude palm oil (CPO) futures prices on Bursa Malaysia Derivatives extended their fall into a second day yesterday due to lack of demand, dealers said.

Renewed concerns over the macro economy, coupled with May’s bearish export data from cargo surveyors Intertek Testing Services and Societe Generale de Surveillance weighed on market sentiment, a dealer said.

Spot month June 2012 fell RM2 to RM3,070 a tonne and nearby month July 2012 declined RM9 to RM3,100.
Volume declined to 23,847 lots from 27,252 lots on Wednesday while open interest fell to 98,195 contracts from 102,739 contracts.

On the physical market, June South was up RM10 to RM3,140 a tonne.

Source : Business Times

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