Commodity Roundup: CPO futures lower on profit-taking
Author: Admin | Filed under: Commodity RoundupBusiness Times
Tuesday – November 13, 2007
CPO FUTURES
Crude palm oil futures prices on Bursa Malaysia Derivatives Bhd closed lower yesterday as players took profit following the release of lower export figures, dealers said.
“Players cashed in profit after cargo surveyor Societe Generale de Surveillance released weaker export data for the first 10 days of this month,” one of the dealers said.
According to the data, palm oil exports declined 11.4 per cent to 429,643 tonnes during the Nov 1 to 10 period compared with 484,670 tonnes in the same period last month.
Another cargo surveyor Intertek Testing Services said palm oil exports during the Nov 1 to 10 period fell 1.6 per cent to 455,051 tonnes from 462,292 tonnes previously.
Another dealer said weaker crude oil prices also encouraged profit-taking activities in the market.
At close yesterday, spot month November 2007 fell RM37 to RM2,925 per tonne and December 2007 declined RM64 to RM2,916 per tonne.
The benchmark contract January 2008 dropped RM71 to RM2,919 per tonne and February 2008 went down RM69 to RM2,919.
Volume, however, increased to 13,274 lots from 6,884 lots last Friday and open interest rose to 42,080 contracts from 41,879 contracts previously.
On the physical market, November South declined to RM2,950 per tonne from RM3,010 per tonne last Friday.
