Palm Oil Futures Track Soybean Oil to End Lower

CRUDE palm oil (CPO) futures prices on Bursa Malaysia Derivatives closed

lower yesterday, taking its cue from external leads in the soybean oil

market, dealers said.

“Futures yesterday were traded in a tight range with a minimal drop,” said one of the dealers.

He said that traders were active on weekend profit-taking activities.

“Futures on the Dalian Commodity Exchange also declined amid lower crude oil prices,” he added.

At

close, the November 2010 contract dropped RM30 to RM3,040 per tonne,

December 2010 declined RM23 to RM3,058 per tonne, January 2011 decreased

RM24 to RM3,061 per tonne and February 2011 went down RM25 to RM3,061

per tonne.

Total volume fell to 14,397 lots from 20,472 lots

Thursday while open interest declined to 70,234 contracts from 73,639

contracts previously.

On the physical market, October South was RM10 lower at RM3,070 per tonne.

Source : Business Times

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