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CPO futures close lower

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CPO futures close lower Empty CPO futures close lower

Post by Cals Wed 27 Nov 2013, 00:18

CPO futures close lower
Business & Markets 2013
Written by Bernama   
Tuesday, 26 November 2013 20:38
KUALA LUMPUR (Nov 26): Crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives closed lower, as Malaysia's palm oil production is estimate to be higher than market expectation, a dealer said.

"Malaysian Palm Oil Association has estimated a 4.1 per cent rise in output, in the first 20 days of November, from 1.97 million tonnes a month ago, and this has dampened market sentiment," Phillip Futures Sdn Bhd Derivative dealer David Ng told Bernama.

He said prices were expected to trade on a weaker note in the near-term, as the likely higher output amid steady exports, might lead to an increase in stockpile in November. 

Meanwhile, spot month December 2013 lost RM9 to RM2,613 a tonne, January 2014 decreased RM9 to RM2,621, February 2014 shed RM8 to RM2,622, and March 2014 fell RM9 to RM2,621.

Volume increased to 36,571 lots, from 32,920 lots yesterday, while open interest declined to 187,147 contracts, from 187,276 contracts previously.

On the physical market, December South remained unchanged, at RM2,630 a tonne.
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