KUALA LUMPUR: Crude palm oil (CPO) futures closed lower yesterday due to lack of demand but losses were limited by strong CPO shipments, a dealer said.
Phillip Futures Sdn Bhd derivative product specialist David Ng said the weaker price was within expectation against the backdrop of higher output reported in Indonesia and Malaysia.
Spot month October 2013 lost RM34 to RM2,329 a tonne, November 2013 fell RM33 to RM2,325, December 2013 erased RM32 to RM2,323 and January 2014 decreased RM26 to RM2,329 a tonne.
Volume shrank to 35,314 lots from 44,037 lots while open interest reduced to 198,558 contracts versus Tuesday’s 201,112 contracts.
On the physical market, October South slipped RM30 to RM2,350 a tonne.
Source : Business Times