CRUDE palm oil futures on Bursa Malaysia Derivatives closed lower yesterday on concern over the high level of stocks, dealers said.
They said the favourable export data for Jan 1-20 by cargo surveyors Intertek Testing Services (ITS) and Societe Generale de Surveillance (SGS) released yesterday was unable to support the market.
Exports of Malaysian palm oil products for Jan 1-20 increased 7.7 per cent to 924,003 tonnes from 858,307 tonnes shipped during the Dec 1-20 period, according to ITS.
SGS reported that exports of Malaysian palm oil products for Jan 1-20 rose 6.9 per cent to 945,311 tonnes from 884,042 tonnes shipped during the Dec 1-20 period.
At the close of yesterday trading session, the February 2010 contract declined RM32 to settle at RM2,438 per tonne, March 2010 dropped RM43 to RM2,440 per tonne, April 2010 went down RM46 to RM2,444 per tonne and May 2010 fell RM48 to RM2,451 per tonne.
Turnover increased to 21,491 lots from 17,745 lots on Tuesday while open interest declined to 74,582 contracts from 76,009 contracts previously.
On the physical market, January South went down to RM2,450 per tonne from RM2,490 per tonne on Tuesday.
Source : Business Times