KUALA LUMPUR: Crude palm oil (CPO) futures prices on Bursa Malaysia Derivatives plunged to five-year low tracking huge losses on Chicago soyabean oil.
Phillip Futures specialist, David Ng, said the difference between the palm oil and soya oil prices has narrowed and this aggravated selling pressure in light of current prevailing pessimism in the market.
Both spot month August 2014 and September 2014 eased RM49 each to RM2,166 and RM2,150 a tonne, respectively, while October 2014 declined RM43 to RM2,133 a tonne and November shed RM41 to RM2,134 a tonne.
Volume rose to 43,351 lots from 40,012 lots previously while open interest fell 205,054 contracts from 278,831 previously.
On the physical market, August South slipped RM2,160 a tonne from RM2,240 on Wednesday. Bernama
Source : New Straits Times