Crude palm oil (CPO) futures on Bursa Malaysia Derivatives closed lower yesterday on lack of strong buying interest, dealers said.

They said lower crude oil and soyaoil prices also weighed down the buying momentum.

“Some players stayed on the sidelines awaiting fresh news on the direction of palm oil exports,” a dealer said.

“The market closed lower as bearish underlying fundamentals kept a lid on upside movement (and) weak crude oil laid the ground for speculative selling,” said a trader at a local brokerage.

Cargo surveyors Intertek Testing Services (ITS) and Societe Generale de Surveillance (SGS), will unveil Malaysia’s palm oil export figures for March 1-25 today.

At close, April 2010 fell RM32 to RM2,612 per tonne, May 2010 declined RM33 to RM2,577, June 2010 eased RM31 to RM2,560 and July 2010 slipped RM34 to RM2,546.

Turnover, however, increased to 13,662 lots from 11,742 lots on Tuesday and open interests declined to 77,953 contracts from 78,158 contracts previously.

On the physical market, April South declined to RM2,610 per tonne from the RM2,650 per tonne yesterday.

Source: Business Times