CPO futures weaker on late profit-taking

CRUDE palm oil (CPO) futures prices on Bursa Malaysia Derivatives closed broadly lower yesterday on late profit-taking, dealers said.

A dealer said the market saw active trading in the morning session but retreated later on profit-taking.

The market saw open interest for crude palm oil futures (FCPO) hit an all-time high of 115,257 contracts, surpassing the previous record, due to strong interest in FCPO contracts by local and international traders and increasing hedging activities in the market.

July and September 2011 contracts eased by RM5 each to close at RM3,220 and RM3,193 a tonne respectively. August and October 2011 were unchanged at RM3,205 and RM3,194 a tonne respectively.

Source:  Business Times

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