KUALA LUMPUR: Crude palm oil futures contract closed lower yesterday on discouraging palm oil shipments in the first half of this month.
Phillip Futures derivatives specialist David Ng also attributed the reduced demand to weak market sentiment and narrow price spread between palm oil and soya oil.
At the close, January 2014 was RM9 lower at RM2,532 a tonne, February 2014 eased RM7 to RM2,561 a tonne, March 2014 fell RM4 to RM2,576 and April 2014 eased RM2 to RM2,581 a tonne.
Turnover rose to 34,210 lots from Monday’s 28,749 lots while open interest increased to 185,666 contracts from 180,724 contracts previously.
On the physical market, December South was RM10 lower at RM2,560 a tonne.
Source : Business Times