CRUDE palm oil (CPO) futures contracts on Bursa Malaysia Derivatives
closed lower yesterday on speculation of weaker demand, dealers said.
They
said Indonesia’s move to cut export tax for CPO in May to 17.5 per cent
from 22.5 per cent this month could potentially attract demand away
from Malaysia.
“There is a lack of strong leads to push CPO
prices higher at the moment. The stronger ringgit also capped gains in
CPO prices,” a dealer said.
May 2011 and August 2011 fell RM15 each to RM3,360 per tonne and
RM3,310 per tonne, June 2011 declined RM20 to RM3,335 per tonne and July
2011 shed RM3 to RM3,312 per tonne.
