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CPO futures close lower
by Cals Tue 19 Nov 2013, 21:38
| CPO futures close lower |
| Business & Markets 2013 |
| Written by Bernama |
| Tuesday, 19 November 2013 19:32 |
"CPO futures continued their downward correction due to the strengthening of the ringgit against the dollar, and there were concerns over weaker demand at high prices," Phillip Futures Sdn Bhd Derivative dealer David Ng told Bernama.
He said palm oil was also tracking the fall in global crude oil contracts. Brent crude oil stood at US$108 a barrel on Tuesday.
However, Ng said the decline in output in Malaysia and Indonesia this month, could stem the losses in CPO futures.
Meanwhile, spot month December 2013 lost RM29 to RM2,562 a tonne, January 2014 decreased RM37 to RM2,557 a tonne, February 2014 shed RM36 to RM2,556 a tonne and March 2014 fell RM35 to RM2,559 a tonne.
Volume decreased to 30,782 lots from 42,523 lots recorded on Monday, while open interest declined to 182,462 contracts from 194,529 contracts registered previously.
On the physical market, December South lost RM40 to RM2,560 a tonne.
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