Crude palm oil (CPO) futures prices on Bursa Malaysia Derivatives closed lower yesterday, tracking the downtrend of other commodities globally, dealers said.

They also attributed the downtrend to market concerns over growing stockpiles during the month as stocks were expected to increase by 15 per cent from 1.5 million tonnes.

The strengthening of the US dollar pulled down the crude oil price 1.71 per cent lower to US$78.68 (US$1.00 = RM3.43) per barrel on the New York Mercantile Exchange overnight.

At close, the November 2009 and December 2009 CPO contracts declined RM51 each to both settle at RM2,167 per tonne.

January 2010 fell RM48 to RM2,170 per tonne and February 2010 dropped RM42 to RM2,172 per tonne.

Total turnover increased to 14,417 from 11,963 lots on Monday while open interest rose to 93,565 contracts from 92,438 contracts previously.

On the physical market, October South declined by RM30 to RM2,190 per tonne.

Source : Business Times

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