Palm Futures Lower on Soft Demand Expectations

Crude palm oil (CPO) futures on Bursa Malaysia Derivatives ended lower yesterday on lack of interest ahead of the weekend, dealers said.

“The overall sentiment was also weakened by expectations of softer demand from major importing countries due to the global economic downturn,” they said.

The drop was also in line with the weaker soyoil prices, they added.

The July 2009, August 2009 and September 2009 contracts settled flat at RM2,195, RM2,190 and RM2,175 respectively while October 2009 lost RM10 to RM2,170.

Volume eased to 14,971 lots compared with Thursday’s 15,244 lots and open interests fell to 62,691 contracts from 62,903 contracts previously.

On the physical market, July South slipped to RM2,160 per tonne from RM2,220 previously. Source : Business Times


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