CPO Futures End Sharply Lower

CRUDE palm oil (CPO) futures prices on Bursa Malaysia Derivatives closed sharply lower yesterday as investors took profits on poor overseas demand and unfavourable export figures for the first 10 days, dealers said. A dealer said the market took a breather after posting five consecutive days of gains, with the price at 15-month high yesterday. Cargo surveyor, Intertek Testing Services, said exports of Malaysian palm oil products for Aug 1-10 are set to fall by 17.4 per cent to 392,185 tonnes from 474,928 tonnes shipped during July 1-10.

August 2010 delivery fell RM32 to close at RM2,790 per tonne and September 2010 contract went down RM57 to RM2,705.

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