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CPO futures close lower on cut in projected GDP growth for China and India

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CPO futures close lower on cut in projected GDP growth for China and India Empty CPO futures close lower on cut in projected GDP growth for China and India

Post by Cals Thu 13 Jun 2013, 22:22

CPO futures close lower on cut in projected GDP growth for China and India
Business & Markets 2013
Written by Bernama   
Thursday, 13 June 2013 20:06

KUALA LUMPUR, June 13 (Bernama) -- Crude palm oil (CPO) futures contracts on Bursa Malaysia Derivatives closed lower today as the World Bank cut the economic growth outlook of China, the world largest edible oil consumer, to 7.7 per cent from 8.4 per cent previously.
"The growth trajectories are important for future demand for CPO," Philip Futures Sdn Bhd derivative product specialist David Ng said.
The World Bank also cut India's economic growth forecast from 6.1 per cent to 5.7 per cent.
India is the second CPO consumer in the world.
Both June and July 2013 each slipped RM31 to RM2,389 and RM2,418 a tonne respectively while August 2013 and September 2013 each dropped RM27 to RM2,424 a tonne respectively.
Turnover increased to 22,235 lots from 17,041 lots on Wednesday, while open interest improved to 191,460 contracts from 185,151 contracts previously.
On the physical market, June South was unchanged at yesterday's RM2,440 a tonne. -- BERNAMA
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