Published: Monday September 24, 2012 MYT 12:03:00 PM
CPO tumbles to 2-year low, KLCI dn 12pt
KUALA LUMPUR: Crude palm oil (CPO) futures tumbled to a two-year low of RM2,577 per tonne in late morning on Monday.
At 11.47am, the FBM KLI fell 12.39 points to 1,611.31. Turnover was 368.43 millions share valued at RM441.53mil. There were 111 gainers, 477 losers and 231 counters unchanged.
CPO for third-month delivery was down RM163 to RM2,600 per tonne.
Reuters reported the more than 5% fall in CPO prices were due to rising palm oil stocks and steep losses in US soybeans on expectations of higher output.
China's Dalian soybean oil market also suffered steep losses. The most active January 2013 soyoil contract on the Dalian Commodity Exchange had lost 3.1%. Prices earlier fell to a low of 9,436 yuan per tonne, the lowest since Aug. 6.