Crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives closed lower today on the back of a stronger ringgit coupled with profit taking activities, dealers said.
Phillip Futures Sdn Bhd Derivative product specialist David Ng told Bernama a stronger ringgit would curb buying interest from oversea buyers.
However, the undertone of the market remained bullish and stood to gain further following the government's announcement to allocate RM243 million for the replanting of palm oil, rubber and cocoa, as well as, forest plantation in the 2014 Budget.
Prime Minister and Finance Minister Datuk Seri Najib Razak presented next year's budget in Parliament today.
Meanwhile, spot month November 2013 eased RM14 to RM2,458, December 2013 fell RM17 to RM2,445, January 2014 dropped RM20 to RM2,444 and February 2014 declined RM21 to RM2,446 a tonne.
Volume decreased to 30,546 lots from 44,093 lots on Thursday while open interest dipped to 178,072 contracts from 198,848 contracts yesterday.
On the physical market, November South eased RM10 to RM2,450 a tonne.
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