Commodity Roundup: CPO futures fall
Business Times
Wednesday - August 20, 2008
CPO FUTURES
Crude palm oil (CPO) futures prices on Bursa Malaysia Derivatives finished lower yesterday, dampened by declining crude oil prices which fell to US$112 per barrel, a dealer said.
He said that the local market which was up in the morning session ended at RM2,436 per tonne with no follow through as most buyers remained cautious on rumours of further defaults by Chinese and Indian players.
“The rumours depressed the local sentiment,” the dealer said, adding that this may lead to a continuous decline in CPO prices.
At close yesterday, September 2008 declined RM60 to RM2,425 per tonne, October 2008 was down RM55 to RM2,430 per tonne, November 2008 slipped RM49 to RM2,436 per tonne and December 2008 eased RM62 to RM2,423 per tonne.
Turnover, however, rose to 14,530 lots from 10,089 on Monday while open interests declined to 52,190 contracts from 53,899 on Monday.
As for the physical market, August South was lower at RM2,460 per tonne from Monday’s RM2,510 per tonne.
