Palm Futures Dip on Profit-Taking

KUALA LUMPUR: The crude palm oil futures on Bursa Malaysia Derivatives were lower yesterday, due to profit-taking activity on concerns that the market was overbought, dealers said.

However, dealers expect demand to prevail for the local CPO tomorrow with a huge export volume, which will support the price in staying above the RM3,000 level.

April 2012 fell RM33 to RM3,370 a tonne, May 2012 was down RM35 to RM3,368, June 2012 declined RM24 to RM3,373 and July 2012 decreased RM25 to stand at RM3,366 a tonne.

Volume advanced to 24,893 lots from 24,583 lots last Friday, but open interest fell to 125,642 from the 130,371 contracts, recorded previously.

On the physical market, March South was down RM20 to RM3,360.

Source: Business Times

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