Palm Futures Close Sharply Lower

KUALA LUMPUR: The crude palm oil (CPO) futures contract ended sharply lower yesterday amid prospects of weak export estimation data for April, dealers said.

Phillip Futures Sdn Bhd investment analyst David Ng said traders remained cautious ahead of the export data, expected to be released today by Cargo surveyors Intertek Testing Services and Societe Generale de Surveillance, as it would provide further clue to the market’s direction.

Spot month May 2013 fell RM53 to RM2,248 a tonne, June 2013 dropped RM53 to RM2,282, July 2013 decreased by RM43 to RM2,273 and August 2013 lost RM36 to RM2,264.

On the physical market, May South slipped RM30 to RM2,900 a tonne.

Source : Business Times

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