Palm Futures Lower on Weather Woes

KUALA LUMPUR: The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives closed lower, as traders remain on the sidelines due to concerns over the US’ wet weather, dealers said.

Investors also avoided taking risky positions ahead of key reports later in the week, a dealer said.

Another dealer said monthly supply and demand reports due later this week from the US Department of Agriculture could also provide some clues on soyabean production trends and the extent of the drought damage.
 
August 2012 fell RM48 to RM2,874 a tonne, September 2012 lost RM14 to RM2,884 a tonne, October 2012 dwindled RM11 to RM 2,907 a tonne and November 2012 eased RM1 to RM2,933.

Volume declined to 20,108 lots from 21,893 lots while open interest slid to 129,851 contracts from 136,294 contracts on Monday. On the physical market, August South slipped to RM2,830 a tonne.

 

Source : Business Times

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