Palm Futures Down After Recent Gains

KUALA LUMPUR: Crude palm oil (CPO) futures contracts on Bursa Malaysia Derivatives finished lower yesterday after recent gains.

Phillip Futures Sdn Bhd Investment analyst David Ng said, however, the weaker ringgit against the US dollar had boosted some buying interest. 

“The fundamental cues are mixed with a weaker ringgit against the dollar and likely fall in output in producing countries supported prices, while relatively slack demand weighed on the sentiment,” he said. 

February 2014 eased by RM14 to RM2,557 a tonne, March 2014 decreased RM13 to RM2,565, April 2014 fell RM13 to RM2,575, May 2014 and June 2014 lost RM16 each to RM2,575 and RM2,573 respectively, and July 2014 shed RM13 to RM2,565.

Turnover declined to 32,845 lots from Tuesday’s 41,261 lots, while open interest decreased to 190,944 contracts from 201,480 contracts previously.

On the physical market, February South decreased RM10 at RM2,560 a tonne. 

Source :  Business Times

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