CPO Futures Dive on Higher Stock Reports

KUALA LUMPUR: Prices of crude palm oil futures on Bursa Malaysia Derivatives closed sharply lower yesterday amid reports of higher stocks of the commodity, a dealer said.

She said the inventory levels had reached the highest level at above 2.2 million tonnes in September and also this year, due to the brisk pace of the US soya bean harvest, as well as the continued global economic concerns.

September 2012 and October 2012 shed RM82 each to RM2,593 and RM2,693 a tonne respectively while November 2012 and December 2012 shed RM57 each to RM2,763 and RM2,826 respectively.

Volume dropped to 41,103 lots from 41,875 lots on Thursday, while open interest increased to 167,093 from 165,517 contracts previously.

On the physical market, September South fell byRM60 to RM2,600.

Source : Business Times

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