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CPO futures closes lower, amid weaker export data
by Cals Tue 28 Jan 2014, 01:42
| CPO futures closes lower, amid weaker export data |
| Business & Markets 2014 |
| Written by Bernama |
| Monday, 27 January 2014 20:52 |
KUALA LUMPUR (Jan 27): Crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives closed lower, against the backdrop of weak export data.
Phillip Futures Sdn Bhd Investment Analyst David Ng, said the market witnessed some downside, due to lower export data released by a cargo surveyor.
Intertek Testing Services said, Malaysia’s palm oil exports dipped to 1.03 million tonnes for the Jan 1-25 period, compared with 1.14 million tonnes recorded in the same period, a month ago.
He, however, said that the near-term trend for CPO futures remained rangebound, and the weakening ringgit against the dollar and declining output in producing countries, could offset the negative impact of slack demand.
February 2014 eased RM37 to RM2,545 a tonne, March 2014 depreciated RM33 to RM2,550, April fell RM35 to RM2,556, May 2014 decreased RM38 to RM2,555, June 2014 dipped RM39 to RM2,549, and July 2014 declined RM42 to RM2,542 a tonne.
Turnover rose to 38,992 lots, from last Friday's 26,095 lots, while open interest increased to 213,044 contracts, from 194,849 contracts on Friday.
On the physical market, February South shed RM30, to RM2,550 a tonne.
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