CPO Futures Down on Profit-taking

KUALA LUMPUR: Crude palm oil futures contract ended lower on profit-taking on the first trading day of the year, a dealer said.

The benchmark March contract opened at RM2,669, its highest in three weeks, but turned easier thereafter.

Phillip Futures Sdn Bhd Derivative Product Specialist David Ng said, however, the losses were cushioned by industry expectation that the fall in output in December may offset the decline in exports. 

January 2014 and February 2014 decreased RM9 each to RM2,619 and RM2,639 a tonne respectively, while March 2014 and April 2014 declined RM10 each to RM2,649 and RM2,652 a tonne respectively.

Both May 2014 and June 2014 slipped RM11 each to RM2,649 and RM2,646 a tonne respectively. 

Turnover increased to 17,651 lots from Tuesday’s 17,336 lots while open interest rose to 168,169 contracts from 165,652 contracts previously. 

On the physical market, January South fell RM20 to RM2,610 a tonne.

Source :  Business Times

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