Palm Futures Slip on Bearish Data

KUALA LUMPUR: Crude palm oil futures contracts on Bursa Malaysia Derivatives closed lower for the second day yesterday on bearish export data, a dealer said.

According to the cargo surveyor Intertek Testing Services, CPO exports were 16.7 per cent lower in the first 10 days of May from the same period last month, while another surveyor Societe Generale de Surveillance reported a steeper 18.4 per cent drop. 

“The drop in exports is attributed to slowing demand from Europe and China,” the dealer said.

Spot month May 2013 eased RM1 to RM2,280 a tonne, June 2013 fell RM4 to RM2,292, July 2013 dipped RM8 to RM2,302 and August 2013 was RM10 lower at RM2,301.

Source : Business Times 

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