Palm futures dip on awaited new leads

CRUDE palm oil futures prices closed lower for the third consecutive day yesterday as investors stayed on the sidelines awaiting the first 15 days of export data, dealers said.

“People are looking for new leads,” said one trader on market sentiment. For now, the direction is from crude oil, and Dalian, which is also uncertain at this point… these decide the factors for palm oil.”

They said cargo surveyors Intertek Testing Services and Societe Generale de Surveillance will releasing the data today.

April 2011 was down RM40 at RM3,345 a tonne, May 2011 dropped RM56 to RM3,314, June 2011 trimmed RM66 to RM3,282 and July 2011 eased RM49 to RM3,378 a tonne.

Turnover, however, increased to 34,325 lots from 25,256 lots yesterday while open interests advanced to 104,446 contracts from 102,071 previously.

On the physical market, April South was unchanged at RM3,400 a tonne.

Source: Business Times

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