Crude palm oil (CPO) futures prices on Bursa Malaysia Derivatives closed lower yesterday tracking the plunge in crude oil prices and Chicago Board of Trade overnight, dealers said.
US light crude for January fell to a four-year low of US$40 per barrel despite the 2.2 million barrel per day output cut by Organisation of the Petroleum Exporting Countries.
A dealer said the commodity’s outlook remained bleak.
He said the CPO market was expected to see range-bound trading today.
January 2009 fell RM45 to close at RM1,541 per tonne, February 2009 dropped RM45 to RM1,543, March 2009 slipped RM35 to RM1,545 and April 2009 went down RM35 to RM1,550.
Volume, however, rose to 8,696 lots from 6,905 lots yesterday and open interests increased to 83,049 contracts from 82,768 contracts previously.
On the physical market, December South was lower at RM1,565 per tonne from yesterday’s RM1,600.
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