CPO PRICES CLOSE AT LOWEST LEVEL IN MORE THAN A WEEK

12 Jul 2013 11:19

(Amending headline)

KUALA LUMPUR, July 12 (Bernama) -- Crude palm oil (CPO) futures contracts on Bursa Malaysia Derivatives fell today to its lowest level in more than a week on profit-taking activities following recent gains.

"We reckon that the bigger-than-expected drop in stocks curbed the losses," Phillip Futures Sdn Bhd derivative product specialist, David Ng, told Bernama.

However, Ng said the market expected oil palm production to pick up in July while inventories were anticipated to start rising drastically, given the lacklustre export performance from India and China.

July 2013 fell RM60 to RM2,330 per tonne, August 2013 dropped RM73 to RM2,309, September dipped RM71 to RM2,301 and October 2013 decreased RM70 to RM2,293. Turnover increased to 48,578 lots from 27,033 lots yesterday while open interest rose to 226,995 contracts from 207,177 contracts previously. On the physical market, June South rose RM50 to RM2,350 a tonne.

-- BERNAMA

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