The benchmark January palm oil futures contract on Bursa Malaysia Derivatives (BMD) closed at MYR2,246 a metric ton, down MYR1 or -0.04%, after trading in a narrow MYR2,230-MYR2,275/ton range throughout the day as some investors liquidated their positions in view of the fairly thin market volume.
Profit taking by day traders erased gains made during the morning session. Many traders had squared off positions ahead of key data releases by the US Department of Agriculture and October palm oil output and stock data by the Malaysian Palm Oil Board (MPOB).
Trade participants speculated that palm oil inventories had probably increased between 1.75 million and 1.80 million as of end-October.
Cash palm olein for January/February/March was traded at $697.50/ton and $700/ton and April/May/June at $710/ton. Cash CPO for prompt shipment was offered unchanged at MYR2,180/ton.
Closing BMD Crude Palm Oil (CPO) futures prices in MYR/ton at 1000 GMT:
Month Close Previous Change High Low
Nov 09 2,160 2,175 Dn 15 2,180 2,160
Dec 09 2,215 2,221 Dn 06 2,242 2,210
Jan 10 2,246 2,247 Dn 01 2,275 2,230
Feb 10 2,266 2,266 Unch 2,298 2,253
Daily Palm Oil Industry News Summary
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