KUALA LUMPUR: The crude palm oil futures on Bursa Malaysia Derivatives closed sharply lower following reports of high stocks by Malaysian Palm Oil Board and lower exports data.

Cargo surveyor Intertek Testing Services reported that palm oil products exports for Jan 1-10 tumbled 25 per cent to 373,462 tonnes from a revised 499,732 tonnes shipped during Dec 1-10.

January 2013 slipped RM20 to RM2,275 a tonne, February 2013 fell RM27 to RM2,339, March 2013 lost RM25 to RM2,387 and April 2013 declined RM23 to RM2,419.

Turnover rose to 50,625 lots from 37,074 lots before while open interest rose to 215,204 contracts.

Source :  Business Times