Palm Futures Slips on Profit-taking

KUALA LUMPUR: Crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives closed lower yesterday on profit-taking activities triggered by the decline on the Chicago Board of Trade.

“However, the ringgit’s fall against the US dollar and expectation of an increase in demand in coming weeks, ahead of Ramadan capped losses,” said Phillip Futures Sdn Bhd product specialist David Ng.

May 2014 finished RM32 lower at RM2,698 a tonne, June 2014 declined RM28 to RM2,668, July 2014 lost RM32 to RM2,651 and August 2014 depreciated RM31 to RM2,642.

Turnover rose to 34,061 lots from 28,496 lots on Tuesday while open interest edged up to 218,371 contracts from 213,538 contracts previously.

On the physical market, April South fell RM20 to RM2,720 a tonne. Bernama

Source: New Straits Times 

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