CRUDE palm oil futures contracts on Bursa Malaysia Derivatives closed mostly lower yesterday as investors trimmed their positions amid strong export data and firmer Chicago Board Of Trade (CBOT) soyaoil, dealers said.
They said the market, which was traded higher in the afternoon, closed lower on profit-taking.
“In the afternoon, investors took the cue from the higher CBOT soyaoil trade on tight stocks but profit-taking set in on concerns over the global economic development,” a dealer said.
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According to cargo surveyor, Intertek Testing Services, exports of Malaysian palm oil products for May 1-15 increased by 1.7 per cent to 624,052 tonnes from 613,677 tonnes shipped between Apr 1-15.
Cargo surveyor Societe Generale de Surveillance said exports of Malaysian palm oil products for May 1-15 rose 8 per cent to 629,364 tonnes from 582,823 tonnes shipped between Apr 1-15.
May 2009 contract increased by RM49 to end at RM2,849 per tonne, June 2009 dropped RM31 to RM2,731, July 2009 fell RM19 to RM2,665 and August 2009 eased RM43 to RM2,612.
Volume decreased to 14,855 lots from 17,659 lots Thursday. Open interests, however, increased to 75,553 contracts from 75,467 contracts previously. On the physical market, May South dropped to RM2,800 per tonne from RM2,860 Thursday.
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