CPO Futures Down on Profit-taking

KUALA LUMPUR: The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives closed lower yesterday, prompted by profit-taking after its recent gains, dealers said.

They said the market was expecting a huge increase in stocks. A dealer said a huge stock build-up in Malaysia could weigh on the price.

Spot month September and October fell RM24 each to RM2,794 and RM2,855 respectively, and November was RM18 lower at RM2,912 and December lost RM13 to RM2,955.
Volume declined to 32,384 lots from 46,120 lots on Thursday while open interest slipped to 147,476 contracts from 156,095 contracts on Wednesday.

On the physical market, September South was down by RM30 to RM2,750 a tonne.

Source : Business Times

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