Malaysian CPO futures ended down more than 1% after a volatile trading day on Thu, with some players starting to unwind positions ahead of a long holiday weekend, dealers said. The benchmark Nov contract on BMD fell 32 ringgit to close at 2,503 ringgit (US$739) a tonne.
"In Malaysia, Mon is a holiday so everybody is book-squaring or making their positions even ahead of the 3-day holiday," said a dealer at a foreign brokerage firm.
Palm oil futures have been hurt this week by rising supply and falling soyoil prices.
Industry analyst Dorab Mistry told a conference earlier this week that benchmark CPO futures were likely to fall to 2,200 ringgit per tonne due to increasing supplies. Malaysian CPO output forecasts of 17.4 m tonnes for '08 could be comfortably exceeded, while Indonesia's output will rise beyond 19 m tonnes, he said.
(US$1=3.372 ringgit)
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