Palm Futures Retreat on Weaker Export Data

PRICES on the crude palm oil futures contract market ended lower on

Bursa Malaysia Derivatives yesterday as traders turned cautious due to

weaker export data, dealers said.

Yesterday, cargo surveyor

Societe Generale de Surveillance announced that palm oil exports for the

first 15 days of June fell two per cent to 608,324 tonnes from 620,517

tonnes during the same period last month.

At closing of the

market, the June 2010 contract declined RM84 to RM2,464 per tonne, July

2010 dropped RM19 to to RM2,420 per tonne and August 2010 went down RM11

to RM2,380 per tonne but September 2010 added RM6 to RM2,372 per tonne.

Turnover was higher at 19,375 lots compared to 15,455 lots Tuesday while

open interest declined to 76,801 contracts from 77,731 contracts

previously.

On the physical market, June South dropped RM30 to

RM2,500 per tonne.


Source : Business Times

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