CPO Futures Down on Weak Exports

KUALA LUMPUR: The Crude Palm Oil futures contract fell to a near four-month low at close yesterday on weak exports, a dealer said.

Cargo surveyor Intertek Testing Services said palm oil exports for April 1 to April 15, showed a four per cent fall to 648,275 from 675,210 tonnes for the same period in March.

The dealer also said that the CPO came under pressure as a result of weak economic growth in China, which is the world’s second largest economy, and also the largest edible oil buyer.

Meanwhile, spot month April 2013 fell RM5 to RM2,300, May lost RM47 to RM2,280, June shed RM52 to RM2,293 and July slipped RM56 to close at RM2,301 a tonne.

Turnover rose to 37,179 lots from the 26,215 lots, while open interest hit 184,192 contracts from 174,722 contracts recorded previously.

On the physical market, April South declined RM20 to RM2,320 a tonne.

Source : Business Times

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