Palm Futures Down On Technical Correction

Crude palm oil futures prices closed lower yesterday on technical correction and on anticipation of a lower export data next week, a dealer said.

However, it was a healthy correction with demand picking up, he said.

The market had rallied strongly during the week and traders slowed down before the next newsflow on production comes in, said a senior trader.

August contract declined RM22 to RM2,558 per tonne, September lost RM23 to RM2,510, October decreased RM21 to RM2,498 and November eased RM22 to RM2,495 per tonne.

Volume decreased to 15,995 lots from 26,561 lots on Thursday, and open interest also decreased to 68,218 contracts from 68,575 contracts.

On the physical market, July South rose RM35 to close at RM2,570 per tonne.

Source: Business Times

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