KUALA LUMPUR: Crude palm oil (CPO) futures contracts on Bursa Malaysia Derivatives closed lower yesterday on expectation of higher inventories and production in August ahead of Malaysia Palm Oil Board’s report due to be released today.
“Prices seem well-supported at RM2,400 level but any breach below this level could trigger further selling pressure and extend further weakness towards RM2,370 level.
Spot month September 2013 fell RM31 to RM2,401 and December 2013 decreased RM42 to RM2,402 per tonne.
October 2013 and November 2013 declined RM45 each to RM2,402 and RM2,399 per tonne, respectively.
Volume eased to 29,350 lots from 30,152 lots while open interest fell to 180,260 contracts versus last Friday’s 187,951 contracts.
Source : Business Times