Monday, 8 April 2013
FCPO Related News (Mon, Apr 8)
Malaysian palm oil futures inched lower on Friday, tracking weak soy markets, and posted a second straight weekly loss, with investors cautious ahead of key industry data due this week. Soybean prices have eased this week after the U.S. Department of Agriculture reported larger-than-expected stockpiles and on worries that bird flu might spread in top importer China and reduce feed demand. Palm oil tends to track soybean and soybean oil prices closely as the edible oils are close substitutes.
By the market close, the benchmark June contract on the Bursa Malaysia Derivatives Exchange had eased 1.5 percent to 2,356 ringgit ($771) per tonne. For the week, prices suffered a 0.9 percent loss. Total traded volumes were thin at 20,144 lots of 25 tonnes each, compared to the average 35,000 lots seen so far this year. [Reuters]