Crude palm oil prices closed july 23 2012

Crude palm oil prices closed july 23 2012 : Malaysian crude palm oil futures dropped to the lowest in more than a month on Monday, tracking broader financial market weakness on fresh concern over Spain's ability to avoid a costly bailout that could worsen the euro zone debt crisis.

Risky financial assets including crude oil and grains futures suffered declines as investors liquidated their positions on concern that the debt crisis could stall global growth and damp fuel and food demand.

Tracking a weak global trend, crude palm oil prices fell by 6.90 to Rs 573.20 per 10 kg in futures trade today as speculators offloaded their positions.

Sluggish demand in the spot market further fuelled the downtrend in crude palm oil futures.

At the Multi Commodity Exchange, crude palm oil for delivery in July fell by Rs 6.90, or 1.19%, to Rs 573.20 per 10 kg in business turnover of 268 lots.

The August contract declined by Rs 6.90, or 1.18%, to Rs 576.90 per 10 kg in 2,239 lots.

Market analysts said apart from weak global trend, position offloaded by speculators mainly led to fall in crude palm oil prices at futures trade.

Meanwhile, palm oil for the October delivery lost 2% to $940 a tonne on the Malaysia Derivatives Exchange, the lowest since June 28.

The benchmark October palm oil futures on the Bursa Malaysia Derivatives Exchange lost 1.7 percent to close at 2,990 ringgit ($943) per tonne. Prices earlier touched a low at 2,969 ringgit, the lowest since June 22.

Traded volume stood at 27,369 lots of 25 tonnes each, higher than the usual 25,000 lots.

Traders said the weak sentiment was due in part to slow exports and higher production in No.2 producer Malaysia, which could boost palm oil stocks after they fell to a 14-month low in June.

Malaysia's palm oil exports fell 23 percent over the July 1-20 period from a month earlier, said cargo surveyors Intertek Testing Services and Societe Generale de Surveillance.

Exports to China slowed by more than half for the period on high stockpiles and a slowdown in demand after China's economy showed signs of slowing, said a Singapore-based trader.

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