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CPO futures close lower, in line with fall in crude, soybean oil
by Cals Sat 04 Jan 2014, 01:34
| CPO futures close lower, in line with fall in crude, soybean oil |
| Business & Markets 2013 |
| Written by Bernama |
| Friday, 03 January 2014 20:56 |
KUALA LUMPUR (Jan 03): Crude palm oil (CPO) futures contracts on Bursa Malaysia Derivatives closed lower today, tracking the sharp fall in crude oil prices and Chicago Board of Trade (CBT) soybean oil contracts, a dealer said.
Phillip Futures Sdn Bhd Derivative Product Specialist David Ng said the trend in crude oil prices had influenced prices of palm oil, as the latter is used as feedstock to make biodiesel — an alternative energy source.
He said that however, the weakening ringgit against the US dollar and Malaysia's lower output estimates for December, were seen limiting the fall.
January 2014 fell RM13 to close at RM2,606 a tonne, February 2014 and March 2014 eased RM9 each to close at RM2,630 and RM2,640 respectively, April 2014 declined RM8 to close at RM2,644, May 2014 slipped RM5 to close at RM2,644, and June 2014 dropped RM7 to close at RM2,639.
Turnover rose to 21,029 lots from Thursday's 17,651 lots, while open interest increased to 173,553 contracts from 168,169 contracts yesterday.
On the physical market, January South was unchanged at RM2,610 per tonne.
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