Crude palm oil (CPO) futures prices on Bursa Malaysia Derivatives closed lower yesterday due to technical selling, dealers said.

They said the market also took cue from the downtrend on the Dalian Commodity Exchange and soy oil prices on the electronic board.

A dealer said the market was relatively quiet as most players were reluctant to take position as they are still in a holiday mood.

At close, the benchmark month of October 2009 was down RM9 at RM2,197 per tonne, November 2009 fell RM14 to RM2,136 per tonne, December 2009 dropped RM31 to RM2,115 per tonne and January 2010 went down RM20 to RM2,130 per tonne.

Volume however, increased to 19,302 lots from 11,386 lots the previous day while open interests declined to 88,458 contracts from 88,976 contracts earlier.

On the physical market, September South ended lower at RM2,210 per tonne from RM2,230 per tonne the previous day.

Source : Business Times

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