<![CDATA[CRUDE palm oil (CPO) futures prices on Bursa Malaysia Derivativesclosed lower on profit-taking yesterday as market players adopted a
wait-and-see attitude ahead of the release of key export data, dealers
Cargo surveyors Intertek Testing Services and Societe Generale de
Surveillance are due to release the Nov 1-20 palm oil export data
“Overall, most traders stayed away from the market today on
expectation of bullish export data to be released tomorrow,” said one
of the dealers.
According to the dealers, another factor is that the
current rainy season in major producing countries is expected to reduce
the level of CPO supply.
At close, the December 2009 contract went down by RM33 to settle at
RM2,337 per tonne and January 2010 also declined RM33 to RM2,353 per
The February 2010 contract dropped RM29 to RM2,371 per tonne and March 2010 fell RM24 to RM2,376 per tonne.
The day’s turnover was higher at 18,805 lots compared to 18,323
lots the previous day and open interest rose to 96,634 contracts from
94,536 contracts earlier.
On the physical market, November South increased to RM2,310 per tonne from RM2,300 per tonne previously.
Source : Business Times