Commodity Roundup: CPO futures softer on bearish sentiment
CPO FUTURES
Crude palm oil (CPO) futures prices on Bursa Malaysia Derivatives Bhd closed softer yesterday as market sentiment was bearish following the continued downtrend of the soyabean prices on the Chicago Board of Trade overnight, dealers said.
The prices of the two commodities always move in tandem as both compete for similar export destinations.
Besides, the dealers said, the market was lower on profit-taking activities and long liquidation.
At close yesterday, July 2007 eased RM7 to RM2,448 per tonne, August 2007 declined RM12 to RM2,367, Sept 2007 decreased RM14 to RM2,334 while Oct 2007 lost RM19 to RM2,311 per tonne.
Volume declined to 8,332 lots from 9,972 lots on Tuesday while open interest rose to 81,267 contracts against 80,937 contracts previously.
On the physical market, June South lost RM30 to RM2,480 per tonne from RM2,510 previously.
