Profit-taking Pushes Palm Down

CPO FUTURES

Crude palm oil futures contracts on Bursa Malaysia Derivatives closed lower yesterday due to profit-taking activities after last week’s rally, a dealer said.

He said the market could not sustain the bullish performance as investors took cue from the weaker trend on the Dalian Commodity Exchange.

“The weak soybean performance also weighed down the market sentiment,” he added.

Meanwhile, cargo surveyor Societe Generale de Surveillance said export of palm oil products increased 4.7 per cent to 1.017 million tonnes from May 1-25 compared with 971,428 tonne in the same period last month.

At close yesterday, the June 2009 contract fell RM55 to RM2,540 per tonne, July 2009 dropped RM78 to RM2,475 per tonne, August 2009 slipped RM76 to RM2,445 per tonne and September 2009 eased RM3 to RM2,507 per tonne.

Volume decreased to 13,230 lots from the 19,827 lots last Friday while open interests declined to 78,542 contracts from 79,380 contracts previously.

On the physical market, May South dropped to RM2,600 per tonne from RM2,620 last Friday.

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