CPO hits a new low

The benchmark September 2009 CPO futures contracts in Malaysia Derivatives Exchange opened lower at RM2245 per ton this morning. It closed at RM2285 per ton last week. 

Palm oil stocks also opened lower in Malaysia and Singapore, led by Kulim which dropped 4% and Sime Darby -2%, while Kencana Agri lost 1.82% in Singapore. Meanwhile, Astra Agro Lestari (AALI) opened lower in Jakarta this morning.

Meanwhile, CPO prices in the physical auction organized by KPB PTPN (joint marketing office of state-owned plantations) for domestic market ended lower in the range of Rp6955-7189 per Kg on Friday.

Seven out of 12 packages auctioned withdrawn on low bids. The lowest bid was Rp6270 per Kg for West Kalimantan port.

CPO is mainly tracking the movement of crude oil which retreats to below US$69 per barrel in Asian market on Monday. 

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