CPO futures close lower

CPO futures close lower
Business & Markets 2013
Written by Bernama
Thursday, 12 December 2013 19:53

KUALA LUMPUR (Dec 12): Crude palm oil (CPO) futures contracts on Bursa Malaysia Derivatives closed lower on Thursday, on reduced demand for the edible oil and higher stockpile, a dealer said.

Phillip Futures Sdn Bhd Derivative Product Specialist David Ng told Bernama that the market might be weak in the short term, but bullish in the medium and long term.

Another dealer said the market might face supply constraints, as the continued wet weather has disrupted harvesting of fresh fruit bunches.

At close, December 2013 and January 2014 eased RM19 each to RM2,580 a tonne and RM2,598 a tonne respectively, while February 2014 fell RM18 to RM2,613 a tonne, and March 2014 eased RM12 to RM2,624 a tonne.

Turnover went up to 32,392 lots from 22,117 lots yesterday, while open interest increased to 187,531 contracts, from 172,740 contracts on Wednesday.

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