CPO Market Futures fall sharply on expectation of weak export data

Business & Markets 2013
Written by Bernama
Monday, 29 April 2013 20:39
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KUALA LUMPUR, April 29 (Bernama) -- The crude palm oil (CPO)
futures
contract on Bursa Malaysia Derivatives ended sharply lower today amid
prospects
of weak export estimation data for April, dealers said.
Phillip Futures Sdn Bhd investment analyst, David Ng, said traders
remained
cautious ahead of the export data, expected to be released tomorrow
by Cargo
surveyors Intertek Testing Services and Societe Generale de
Surveillance, as it
would provide further clue to the market's direction.
"Despite the depreciating rupee against ringgit which attracted more
buyers
from India, many traders are expecting a negative set of export data
due to
discouraging manufacturing statistics from China," he told Bernama
today.
Spot month May 2013 fell RM53 to RM2,248 a tonne, June 2013
dropped RM53 to
RM2,282 a tonne, July 2013 decreased RM43 to RM2,273 a tonne and
August 2013
lost RM36 to RM2,264 a tonne.
Turnover increased to 26,636 lots, from 24,609 lots last Friday, while
open
interest improved to 180,575 contracts, from 178,250 contracts, recorded
previously.
On the physical market, May South slipped RM30 to RM2,900 a tonne.
-- BERNAMA