Last Updated : 01 October 2012 at 11:45 IST
MCX Crude Palm Oil takes the plunge on rising stocks, economy cues
Source :Reuters, Commodity Online Research
The futures tumbled to the lowest point in more than two years on Monday. December contract CPO futures on Bursa Malaysia dipped by 2.8% to 2,475 ringgit ($807) -- the lowest since July 2010. Time immediate to after noon break session saw the futures at 2,487 ringgit per ton.
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AHMEDABAD(Commodity Online): Rising crude palm oil stocks and uncertain global economic outlook is driving palm oil futures to the valleys from the hills.
The futures tumbled to the lowest point in more than two years on Monday. December contract CPO futures on Bursa Malaysia dipped by 2.8% to 2,475 ringgit ($807) -- the lowest since July 2010. Time immediate to after noon break session saw the futures at 2,487 ringgit per ton.
“The stocks -- I think that is a major factor in the market that is worrying a lot of players," said a trader with a foreign commodities brokerage to Reuters.
"A lot of people expected exports for last month to be good, but the basic thing is the end-stocks is still growing higher. That's the problem there. The stocks are not coming down."
On India's MCX crude palm oil for October delivery is trading on a bearish note with support expected at 416 levels; currently, the futures are at 429 down by 2.92%.
