CPO Futures Dip on Lack of Buying Support

KUALA LUMPUR: Crude palm oil (CPO) futures contract closed lower yesterday on lack of buying support from major buyers India.

“Output in Malaysia was also rising from July onwards due to the seasonal high oil palm production cycle,” Philip Futures Sdn Bhd Derivative Product Specialist David Ng said.

August 2013 shed RM9 to RM2,346, September 2013 dropped RM11 to RM2,285, October eased RM14 to RM2,258 and November 2013 dipped RM13 to RM2,247 a tonne.

Turnover rose to 34,198 lots from 22,504 lots while open interest rose to 225,883 contracts from 214,161 contracts.

On the physical market, August South was up RM21.50 at RM2,335 a tonne.

Source : Business Times 

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