Crude palm oil futures down sharply (CIMB)

Crude palm oil futures on Bursa Malaysia Derivatives closed sharply lower yesterday on selling pressure, dealers said. Trading was volatile despite positive export data for the first 20 days of this month as players were worried about the China’s move to step up monetary controls which may limit the country’s demand for vegetable oils. Cargo surveyor Societe Generale de Surveillance reported that Malaysian palm oil export for November 1-20 rose 18.3 % to 1.099m tonnes from 929,473 tonnes during the same period last month. February 2011 was down RM142 at RM3,184. Total volume declined to 20,887 lots from 22,335 lots last Friday while open interest increased to 75,732 contracts from 75,676 contracts. (Bernama)