closed lower yesterday due to lack of fresh leads and a decline in other
commodity markets, dealers said.
They said most of the commodity
markets, including oil, rubber and industrial metals, fell in volatile
trade as sentiment dampened following the slide in China’s factory
output after the US Federal Reserve downgraded its outlook for the US
economic growth.
“The local CPO market took the cue from the
weaker performance of other commodities,” a dealer said, adding that
weaker demand for palm oil further weighed down the interest locally.
Exports in the first 10 days of August was 14 per cent lower, with China leading the weakness.
“The
market is now waiting for next Monday as cargo surveyors Societe
Generale de Surveillance and Intertek Testing Services are going to
release their palm oil exports forecast for the first 15 days of
August,” a dealer said.
At close, the contract month for August
2010 fell RM7 to settle at RM2,809 per tonne and September 2010 eased
RM1 to RM2,730 per tonne.
October 2010 lost RM4 to RM2,673 per tonne while November 2010 dropped RM17 to RM2,640 per tonne.
The market breadth however was positive with 20,250 lots transacted compared with only 12,394 lots traded Wednesday.
Meanwhile, open interest dwindled to 63,304 contracts from 63,685 Wednesday.
Of the physical market, August South slide RM15 to close at RM2,785 per tonne.
Source : Business Times
