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CPO futures prices fall again
by Cals Thu 12 Jun 2014, 03:06
| CPO futures prices fall again |
| Business & Markets 2014 |
| Written by Bernama |
| Wednesday, 11 June 2014 20:22 KUALA LUMPUR (June 11): Crude palm oil (CPO) futures prices on Malaysia Derivatives Exchange continued its downtrend for the third consecutive day today, on the back of increasing supplies in producing countries. Phillip Futures Sdn Bhd Derivative Product Specialist, David Ng, said the easing demand and the fall in the soyaoil prices on the Chicago Board of Trade, also affected the market. A firmer ringgit against the US dollar was also seen weighing on prices. "One supportive factor for palm oil is the rising global crude oil futures, which increase the appeal of using palm oil-based biodiesel as an alternate fuel," he told Bernama. Ng said for the August CPO contract, a decline below RM2,360 would extend the weakness towards RM2,345-RM2,320 levels. "On the upside, a move above RM2,450 would lead to a rebound towards RM2,500-RM2,530 levels," he said. At close, June 2014 fell RM6 to RM2,380, July 2014 eased RM6 to RM2,386, August 2014 declined RM6 to RM2,379, and September 2014 fell RM8 to RM2,377 per tonne. Volume decreased to 27,661 lots, from 39,327 lots on Tuesday, while open interest fell to 205,339 contracts, from 210,934 contracts yesterday. On the physical market, June South eased RM20 to RM2,400 per tonne. |
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