KUALA LUMPUR: Crude palm oil futures contracts on Bursa Malaysia Derivatives closed lower yesterday on the back of a stronger ringgit.

A dealer said the decline is due to expectations on the part of market players that palm oil production will increase prior to the release of the Malaysian Palm Oil Board’s March production data on Thursday.

At close, both April 2014 and May 2014 lost RM49 to RM2,619 and RM2,593 respectively.

The contract for June 2014 slipped RM46 to RM2,576 a tonne, while July 2014 shed RM48 to close at RM2,563.

Turnover surged to 41,278 lots from the 32,779 lots earlier, while open interest rose to 229,446 contracts from 218,168 contracts. Bernama

Source : New Straits Times