CPO futures close mostly lower

CPO futures close mostly lower
Business & Markets 2013
Written by Bernama
Monday, 10 June 2013 20:18


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KUALA LUMPUR, June 10 (Bernama) -- Crude palm oil (CPO) futures contracts on
Bursa Malaysia Derivatives closed mostly lower today amid concern over China's
sluggish import data, said Philip Futures Sdn Bhd Derivative Product Specialist
David Ng.

"The lower CPO futures was because the market had expected inventories to
slip lower for another month while production increased marginally," he told
Bernama.
Meanwhile, the Malaysian Palm Oil Board today released the palm oil stocks
for May 2013, which saw inventory reduced by 5.12 per cent to 1.82 million
tonnes from 1.91 million tonnes in April.
In addition, cargo surveyors, Intertek Testing Services and Societal
Generale de Surveillance reported that the June 1 to June 10 export numbers were
10 per cent and six per cent higher compared with the preceding month.
However, Chinese imports of edible oil remained lacklustre, they said.
Ng also said China's export growth had moderated which could pose a risk in
the country's appetite for edible oil.
Spot month June 2013 gained RM3 to RM2,420 a tonne, July 2013 decreased RM4
to RM2,448 a tonne, August 2013 declined RM4 to RM2,453 a tonne and September
2013 lost RM6 to RM2,451 a tonne.
On the physical market, June South dropped RM2,430 from RM2,440 a tonne.
-- BERNAMA