CRUDE palm oil futures on Bursa Malaysia Derivatives closed lower yesterday on worries that China may reduce purchase of the commodity
after implementing credit tightening measures, dealers said.
after implementing credit tightening measures, dealers said.
They
said other commodity markets were also lower after China’s central bank
told Chinese banks they needed to raise their reserve ratios.
“Weaker
external market dampened buying sentiment in the local front,” a dealer
said.
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At the close, the February 2010 contract fell RM41 to settle at RM2,420
per tonne, March 2010 declined RM56 to RM2,410 per tonne, April 2010
dropped RM62 to RM2,407 per tonne and May 2010 eased RM79 to RM2,411 per
tonne.
Turnover increased to 23,835 lots from 10,865 lots
on Monday while open interest declined to 74,124 contracts from 75,690
contracts previously.
On the physical market, February South
stood at RM2,440 per tonne.
Source : Business Times
