lower yesterday on Bursa Malaysia Derivatives.
The strengthening
ringgit, which made the commodity unattractive for both hedge funds and
importers, coupled with market expectation of less demand from China,
India, and Europe weighed down on sentiment.
The market was also
expected to reel from a further correction due to a oversupply situation
expected at the end of the month, said a dealer.
“Although output is improving, yield was still affected by the El-Nino
weather phenomenon,” another dealer said.
Players were also
sidelined awaiting the release of export data by the Malaysian Palm Oil
Board on April 10.
April 2010 fell RM22 to RM2,550 per tonne, May
2010 declined RM30 to RM2,520 per tonne, June 2010 decreased RM39 to
RM2,500 and July 2010 fell RM35 to RM2,495.
Volume rose to 17,847
lots from 12,606 lots Wednesday while open interest increased to 78,915
contracts from 78,794 contracts previously.
In the physical
market, April South lost RM10 to settle at RM2,560 per tonne.
Source : Business Times
