KUALA LUMPUR: Crude palm oil (CPO) futures reversed recent gains to close broadly lower yesterday as external factor prompted players to square off long positions, dealers said.

Phillip Futures Sdn Bhd derivative product specialist, David Ng, said futures prices closed lower amid concerns over Indonesia’s plan to remove export tax in response to Malaysia’s tax exemption on CPO for October and November.

At the close, October 2014 eased RM16 to RM2,189 a tonne, November 2014 dipped RM19 to RM2,183 a tonne, December 2014 lost RM20 to RM2,177 a tonne, while January 2015 shed RM17 to RM2,197 a tonne.

Volume shrank to 39,754 lots from 47,528 lots on Thursday while open interest dwindled to 295,670 contracts from 306,630 contracts previously.

On the physical market, October South was RM10 lower at RM2,210 a tonne. Bernama

Source : New Straits Times