Business Times CPO futures prices down on profit-taking

CPO

Crude palm oil (CPO) futures prices on Bursa Malaysia Derivatives closed mostly lower yesterday on profit-taking after a two-day rally, a dealer said.

"The market which gained in early trade failed to sustain its momentum as the market has been overbought and some corrections are going on right now.

"..and the not-so-impressive export data had also weigh down the market sentiment," the dealer explained.

Cargo surveyor Societe Generale de Surveillance said today exports for the first 15 days rose slightly by 1.6 per cent from 582,823 to 592,071 tonnes in the same period last month.

Intertek Testing Services reported 3.7 per cent increase to 613,677 tonnes from 591,567 tonnes shipped between March 1 and 15.

At the close yesterday, April 2009 was down by RM20 to settle at RM2,580 a tonne while May 2009 rose RM15 to RM2,575 a tonne.

June 2009 eased RM26 to settle at RM2,459 a tonne and July 2009 edged down RM40 to RM2,398 a tonne.

Turnover fell to 21,681 lots from 3,064 on Tuesday.

Open interests soared to 85,992 contracts from 84,609 previously.

In the physical market, April South was unchanged at on Tuesday's RM2,600 a tonne.