Crude  palm oil futures on Bursa Malaysia Derivatives closed lower yesterday as the market momentum fizzles out after four days of rally, with traders taking a conservative stance, dealers said.

A trader said the market opened on a firm note in the morning, on overnight rally on the soyabean oil market.

“Profit-taking then emerges ahead of the US Department of Agriculture’s key report on the crop’s global supply and demand,” he said.

The October 2010 contract fell RM16 to close at RM2,749 a tonne, November 2010 decreased RM16 to RM2,784, December 2010 was down RM26 to RM2,760 and January 2011 eased RM26 to RM2,754.

Source: Business Times