CPO Futures Near Six-Week Low

CRUDE palm oil futures prices closed to a near six-week low yesterday as a stronger ringgit versus the US dollar made it expensive for refiners to buy feedstock, dealers said.

February 2012 lost RM45 to RM3,030 a tonne, March 2012 shed RM18 to RM3,060, April 2012 lost RM22 to RM3,056 and May 2012 eased RM25 to RM3,050 a tonne.

Turnover was reduced to 17,185 lots from 24,058 lots on Tuesday while open interest slipped to 45,239 contracts from 109,179 previously.

On the physical market, January South was lower at RM3,070 a tonne from RM3,085 on Tuesday.

The market was closed on Wednesday for the Federal Territories Day holiday.

Source: Business Times

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