Palm Lower on Lack of Fresh Leads

CRUDE palm oil futures on the Malaysia Derivatives Exchange closed

mostly lower yesterday on lack of fresh leads, dealers said.

Most

investors remained sidelined, awaiting the release of May’s palm oil

exports figures, before taking up fresh positions.

Cargo

surveyors, Intertek Testing Services (ITS) and Societe Generale de

Surveillance (SGS), are expected to announce Malaysia’s palm oil offtake

for the first 20 days of May, today.

Meanwhile, traders pegged support for the spot month at RM2,400 per

tonne although the market traded sideways today with no clear direction,

one dealer said.

At close, June rose RM2 to RM2,472 per tonne,

July declined RM4 to RM2,451, August eased RM10 to RM2,435 and September

slipped RM7 to RM2,424.

Turnover, however, increased to 10,979

lots from 8,611 lots Tuesday while open interest rose to 65,043

contracts from 64,417 contracts previously.

On the physical

market, April South added RM10 to RM2,520 per tonne.

Source : Business Times

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