Commodities Roundup: CPO futures down
Business Times
Tuesday - July 01, 2008
CPO FUTURES
Crude palm oil (CPO) futures prices on Bursa Malaysia Derivatives closed lower yesterday as the market reacted to the negative palm oil data for June 2008 released by two cargo surveyors, dealers said.
Societe Generale de Surveillance reported that exports of Malaysian palm oil products for June 2008 fell 12.5 per cent to about 1,106,635 tonnes from 1,264,757 tonnes last month.
Intertek Testing Services estimated a 10 per cent drop to 1,086,572 tonnes from 1,209,475 tonnes previously. The dealers said that the market also saw some profit-taking activities after last Friday’s rally.
“The market fundamentals are still strong but players are cautious as they waiting for freah leads. I think today the market will depend on the Chicago Board of Trade for direction,” one of the dealers said.
At the closing of CPO futures trading, July 2008 dropped RM30 to RM3,540 per tonne and August 2008 lost RM18 to RM3,587 per tonne.
September 2008 decreased RM25 to settle at RM3,598 per tonne and October 2008 closed lower by RM16 at RM3,605 per tonne.
The day’s volume declined to 6,022 lots from 12,168 lots last Friday while open interest went down to 43,929 contracts from 45,140 contracts previously.
On the physical market, July South was lower at RM3,620 per tonne compared to RM3,630 per tonne at last Friday’s closing.
