CRUDE palm oil (CPO) futures prices on Bursa Malaysia Derivatives ended lower in bearish market yesterday on massive selling following the previous day’s run up, dealers said.
“The market came under selling pressure today as investors took profits from Monday’s rally which saw CPO prices touching a 38-week high,” a dealer said.
Overall, the market was relatively weak with most investors staying on the sidelines, waiting for the April stock report which is due for release next Monday.
The market is currently concerned with the shortage of CPO stocks.
“Lower output could push the prices up,” the dealer said.
At the close, the May 2009 and June 2009 contracts fell RM60 each to settle at RM2,777 per tonne and RM2,695 per tonne respectively.
The July 2009 contract declined RM77 to RM2,625 per tonne and the August 2009 contract went down RM71 to RM2,570 per tonne.
Total volume was lower at 22,092 lots compared with Monday’s closing of 36,748 lots while open interests eased to 83,059 contracts from 84,885 contracts previously.
On the physical market, May South slipped to RM2,800 per tonne as against RM2,830 per tonne recorded the previous day.
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