Palm futures fall as higher stock seen

CRUDE palm oil futures on Bursa Malaysia Derivatives closed lower yesterday on expectations of higher stock level, dealers said.

They said May stock level was expected to be between 1.7 million and 1.8 million tonnes, compared with April’s 1.67 million tonnes.

June 2011 fell by RM38 to close at RM3,342 a tonne, July 2011 declined RM31 to RM3,340, August 2011 slipped RM38 to RM3,316 and September 2011 eased RM39 to RM3,313.

Turnover increased to 19,756 lots from 19,470 lots on Tuesday while open interest advanced to 108,218 contracts from 106,331 previously.

On the physical market, June South ended RM40 lower at RM3,360 from RM3,400 a tonne on Tuesday.

Source : Business Times

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