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CPO futures close lower on profit-booking
by Cals Wed 12 Feb 2014, 03:10
CPO futures close lower on profit-booking
Business & Markets 2014
Written by Bernama
Tuesday, 11 February 2014 20:41
KUALA LUMPUR (Feb 11): Crude palm oil futures contracts on Bursa Malaysia Derivatives closed lower today, on profit-booking, amid higher global soybean supply outlook forecast, by the United States Department of Agriculture in its monthly report.
Phillip Futures Sdn Bhd Derivative Product specialist, David Ng, said the weaker ringgit against the US dollar and declining output in palm oil producing countries, is seen capping the downside.
"On the chart, for April 2014 contract, a move above RM2,630 a tonne will extend the gains towards RM2,670 a tonne," he said.
At close, February 2014 declined RM16 to RM2,610 a tonne, March 2014 was down RM2 to RM2,613 a tonne, April 2014 lost RM6 to RM2,610 a tonne, and May 2014 slipped RM7 to RM2,603 a tonne.
Turnover rose to 41,418 lots, from 38,281 lots on Monday, while open interest increased to 228,740 contracts, from 227,942 contracts yesterday.
On the physical market, February South garnered RM10, at RM2,620 a tonne.
Business & Markets 2014
Written by Bernama
Tuesday, 11 February 2014 20:41
KUALA LUMPUR (Feb 11): Crude palm oil futures contracts on Bursa Malaysia Derivatives closed lower today, on profit-booking, amid higher global soybean supply outlook forecast, by the United States Department of Agriculture in its monthly report.
Phillip Futures Sdn Bhd Derivative Product specialist, David Ng, said the weaker ringgit against the US dollar and declining output in palm oil producing countries, is seen capping the downside.
"On the chart, for April 2014 contract, a move above RM2,630 a tonne will extend the gains towards RM2,670 a tonne," he said.
At close, February 2014 declined RM16 to RM2,610 a tonne, March 2014 was down RM2 to RM2,613 a tonne, April 2014 lost RM6 to RM2,610 a tonne, and May 2014 slipped RM7 to RM2,603 a tonne.
Turnover rose to 41,418 lots, from 38,281 lots on Monday, while open interest increased to 228,740 contracts, from 227,942 contracts yesterday.
On the physical market, February South garnered RM10, at RM2,620 a tonne.
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