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CPO futures close lower amid profit taking
by Cals Sat 20 Jul 2013, 01:41
CPO futures close lower amid profit taking
Business & Markets 2013
Written by Bernama
Friday, 19 July 2013 19:28
KUALA LUMPUR (July 19): Crude palm oil (CPO) futures contracts on Bursa Malaysia Derivatives closed lower today amid profit taking activities after advancing in the past two days.
Phillip Futures Sdn Bhd Derivative Product Specialist David Ng told Bernama that today's trading was caused by a slowdown in demand from China, adding that the prices were expected to be under pressure.
"CPO output is seen rising gradually from this month onwards.
"However, some market participants opine that output growth may not be much in July due to the ongoing Ramadan month that causes harvesting activity to slow down," he said.
New contract month August 2013 slipped RM14 to RM2,326 per tonne, September 2013 declined RM30 to RM2,275, October 2013 eased RM34 to RM2,257 and November 2013 decreased RM33 to RM2,248.
Turnover fell to 28,194 lots from 53,157 lots yesterday, while open interest declined to 217,706 contracts from 241,569 contracts previously.
On the physical market, August South was unchanged at RM2,350 a tonne.
Business & Markets 2013
Written by Bernama
Friday, 19 July 2013 19:28
KUALA LUMPUR (July 19): Crude palm oil (CPO) futures contracts on Bursa Malaysia Derivatives closed lower today amid profit taking activities after advancing in the past two days.
Phillip Futures Sdn Bhd Derivative Product Specialist David Ng told Bernama that today's trading was caused by a slowdown in demand from China, adding that the prices were expected to be under pressure.
"CPO output is seen rising gradually from this month onwards.
"However, some market participants opine that output growth may not be much in July due to the ongoing Ramadan month that causes harvesting activity to slow down," he said.
New contract month August 2013 slipped RM14 to RM2,326 per tonne, September 2013 declined RM30 to RM2,275, October 2013 eased RM34 to RM2,257 and November 2013 decreased RM33 to RM2,248.
Turnover fell to 28,194 lots from 53,157 lots yesterday, while open interest declined to 217,706 contracts from 241,569 contracts previously.
On the physical market, August South was unchanged at RM2,350 a tonne.
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