Palm Futures Lower on Strong Ringgit

KUALA LUMPUR: Crude palm oil (CPO) futures contracts closed lower yesterday due to the stronger ringgit against the US dollar and lower crude oil prices.

Phillip Futures Sdn Bhd Derivative Product Specialist David Ng said Malaysia’s palm oil inventories, which grew to 1.67 million tonnes in August and higher Malaysian palm oil exports on September 1-10, were likely to cap the downtrend.

September 2013 fell RM48 to RM2,353 and December 2013 lost RM51 to RM2,351. October 2013 and November 2013 declined RM48 each to RM2,354 and RM2,351 a tonne, respectively. 

Volume increased to 34,291 lots from 29,350 lots while open interest rose to 190,290 contracts versus Monday’s 180,260 contracts. 

On the physical market, September South fell RM65 to RM2,385 a tonne. 

Source : Business Times 

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