CPO drops further

CPO futures contracts for September delivery in Malaysia Derivatives Exchange settled down at RM2285 per ton after hitting a low of RM2274 on Friday, the lowest level seen in almost three months. 

The 0.61% decline on Friday is softer than the previous day's 3.8% fall on worries about the prospect of demand in two biggest consuming countries, China and India.

Meanwhile, physical auction of CPO for domestic market in Indonesia closed in the range of Rp7114-7318 per Kg on Thursday with nine of 12 packages (12,000 tons) auctioned by KPB PTPN (joint marketing office of state-owned plantations) withdrawn on low bids (below Rp7000/Kg).

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