Palm Futures Down on Rising Output

KUALA LUMPUR: Crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives closed lower against the backdrop of rising production and the stronger ringgit.

Phillip Futures Sdn Bhd Derivative Product Specialist David Ng said yesterday that the debt deal reached by the US Congress pressured the greenback downwards.

Spot month November 2013 shed RM10 to RM2,390 a tonne, December 2013 decreased RM12 to RM2,392, January 2014 eased RM11 to RM2,398 and February 2014 dipped RM12 to RM2,402.

Volume decreased to 39,043 lots from 39,694 lots on Wednesday while open interest rose to 193,275 contracts against 190,519 contracts recorded previously.

On the physical market, October South was unchanged at RM2,400 a tonne.

Source : Business Times

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