Palm Futures Retreat on Easier Soybean Prices

CRUDE

palm oil futures on Bursa Malaysia Derivatives closed easier yesterday

taking its cue from the easier soybean oil market, dealers said.

Overall, the market is still very firm, and the decrease yesterday was due to a retreat from soybean oil prices, a dealer said.

The market is currently influenced by external factors as there is minimal news or speculation within the industry.

He added, CPO futures on the Dalian Commodity Exchange was down as well.

November

2010 contract shed RM25 to close at RM3,050 per tonne, December 2010

went down RM20 to RM3,047, January 2011 decreased RM17 to RM3,053 and

February 2010 lost RM16 to RM3,050.

Total volume eased to 14,988 lots from 19,159 Monday, while open interest increased to 69,446 contracts from 68,781 previously.

On the physical market, October South shed RM10 to RM3,070 per tonne.

Source : Business Times

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