Crude palm oil (CPO) futures prices on Bursa Malaysia Derivatives Bhd ended mostly lower yesterday on long liquidation and profit-taking, dealers said.
This was largely due to losses in crude oil and soyoil as both moved in tandem and competed for similar export destinations, they said.
“Overall, the fundamentals are weak due to slowing demand, especially from China. The downward equity market also further stressed the market,” one of the dealers said.
In a news report, India has assured that it will import more palm oil from Malaysia, which is now a leading exporter to the sub-continent economy.
At the close of CPO futures trading, February 2009 fell RM31 to RM1,970 per tonne, March 2009 declined RM15 to RM1,940 per tonne, April 2009 rose RM3 to RM1,928 per tonne and May 2009 went down RM5 to RM1,915 per tonne.
Yesterday’s volume stood at 10,276 lots, down from Wednesday’s volume of 17,768 lots.
Open interest increased slightly to 83,759 contracts from 83,715 contracts previously.
On the physical market, February South was slightly lower at RM1,950 per tonne compared to RM1,980 per tonne Wednesday.
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