Palm Futures Extend Losses on Profit-Taking

CRUDE palm oil futures extended its downtrend yesterday on profit-taking activities, dealers said.

A dealer said that local players took the cue from the lower overnight close of soybean prices on the Chicago Board of Trade.

December 2011 dropped RM114 to RM2,963 a tonne, January 2012 fell RM87 to RM2,996, February 2012 lost RM86 to RM2,998 and March 2012 shed RM87 to RM2,999 a tonne.

Turnover rose to 15,600 lots from 14,084 lots on Friday while open interest slipped to 117,734 from last week’s 118,592 contracts.

On the physical market, December South shedded RM40 to RM3,060 a tonne.

Source: Business Times

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