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CPO futures closes lower due to rising inventories

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CPO futures closes lower due to rising inventories Empty CPO futures closes lower due to rising inventories

Post by Cals Thu 03 Oct 2013, 22:20

CPO futures closes lower due to rising inventories
Business & Markets 2013
Written by Bernama   
Thursday, 03 October 2013 20:12
KUALA LUMPUR (Oct 3): Crude palm oil (CPO) futures prices on Bursa Malaysia Derivatives closed lower today, due to rising inventories as well as concerns over global expansion in competing oilseed, that may shift demand away from palm oil.

"The spread between soyaoil and palm oil narrowed to roughly US$150, from US$200, which may weigh on CPO prices," David Ng, Derivative Product Specialist at Philip Futures Sdn Bhd told Bernama.

Spot month October 2013 decreased RM15 to RM2,340, November 2013 fell RM10 to RM2,306, December 2013 eased RM9 to RM2,302, and January 2014 dropped RM10 each to RM2,302 a tonne.    

Volume decreased to 21,326 lots, from 35,439 lots on Wednesday, while open interest dropped to 176,929 contracts versus 192,196 contracts recorded yesterday.

On the physical market, October South eased RM10 to RM2,340 a tonne.
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