CPO FUTURES END LOWER DESPITE FAVOURABLE MPOB DATA

12 Jul 2013 11:19

KUALA LUMPUR, July 10 (Bernama) -- Crude palm oil (CPO) futures contracts on Bursa Malaysia Derivatives ended lower today despite favourable production, stock and export data released by Malaysian Palm Oil Board (MPOB) today.

Phillip Futures Sdn Bhd derivative product specialist, David Ng, told Bernama that although prices were down today, the underlying sentiment of the market was firmer.

MPOB data showed Malaysia's June inventories fell to 1.65 million tonnes, exports rose to 1.41 million tonnes and production increased to 1.42 million tonnes.

"The data are below market expectation, adding that the overall MPOB report painted a bullish picture," said Ng.

July 2013 eased RM6 to close at RM2,390, August 2013 dipped RM23 to RM2,382, September 2013 decreased RM20 to RM2,377 and October 2013 shed RM15 to RM2,369 per tonne. Turnover rose to 37,350 lots from 32,508 lots yesterday while open interest increased to 219,883 contracts from 213,342 contracts on Wednesday.

On physical market, June South gained RM10 to RM2,400 a tonne. -- BERNAMA

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