Crude palm oil (CPO) futures contracts on Bursa Malaysia Derivatives ended lower in quiet trading as traders unwinded their positions ahead of the Christmas holidays.
They said the market was also in line with the downtrend in the overnight soyoil market on the Chicago Board of Trade (CBOT) coupled with a firm dollar overseas.
However, one dealer said the market was fundamentally strong as demand from India and China was continuing to support prices.
January 2010 was RM27 lower at RM2,435 per tonne, February 2010 declined RM24 to RM2,476 per tonne, March 2010 decreased RM15 to RM2,500 per tonne and April 2010 fell RM19 to RM2,500 per tonne.
Turnover was reduced to 12,168 lots compared with 21,521 lots while open interest rose to 86,623 contracts from 85,797 contacts previously.
On the physical market, December South declined RM50 to RM2,450 per tonne.
Source: Business Times