CRUDE palm oil futures contracts on Bursa Malaysia Derivatives closed sharply lower yesterday on last-minute sell-off and expectations of unfavourable export data to be released today, a dealer said.
She said cargo surveyors Intertek Testing Services and Societe Generale de Surveillance will release Malaysia’s export data for November 1 to 25 yesterday.
“The market expects the export data to be quite unfavourable. Last-minute sell-off triggered the fall in the futures contracts prices,” she said.
December 2011, January 2012 and February 2012 fell RM53 each to RM3,118 a tonne, RM3,113 a tonne and RM3,108 a tonne, respectively, while March 2012 dwindled RM55 to RM3,107 a tonne.
Turnover tumbled to 23,557 lots while open interest rose to 127,085 contracts.
On the physical market, November South was down RM70 to RM3,120 a tonne.
Source: Business Times