KUALA LUMPUR, July 8 (Bernama) -- Crude palm oil (CPO) futures contracts on Bursa Malaysia Derivatives closed lower today on lack of buying support for the commodity from the biggest consumers.
Phillip Futures Sdn Bhd derivative product specialist, David Ng, told Bernama that the market was lower amid concerns over waning demand from China and India.
"High stock concern in the Chinese port coupled with the weaker Indian rupee are weighing on Malaysian palm oil demand," he said.
He also said traders were cautious ahead of the release of June end-stocks and production report by Malaysian Palm Oil Board (MPOB) on Wednesday.
At the close, July 2013 shed RM7 to RM2,369 per tonne, August 2013 dropped RM7 to RM2,378, September eased RM9 to RM2,376 and October 2013 dipped RM10 to RM2,369. Turnover decreased to 28,252 lots from 35,307 lots last Friday while open interest fell to 207,192 contracts from 213,253 contracts previously.
On the physical market, June South rose RM10 to RM2,380 a tonne.
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