KUALA LUMPUR (Yosefardi) – The benchmark March 2014 contracts of crude palm oil (CPO) dropped RM47 or 1.8% to RM2593 per ton Monday (January 6th).
January and February contracts also dropped significantly by RM51 and RM55 to RM2555 and RM2575 per ton respectively on Bursa Malaysia derivatives. April contracts also down RM44 to RM2600/ton.
Shares of plantation companies ended mostly lower ground in the region. Felda, the world’s largest palm oil producer, down 0.88% in Kuala Lumpur, while Indofood Agri lost 1.14% on SGX.
In Jakarta, Astra Agro Lestari collapsed 6.08%, while PP London SUmatra down 3%. BW Plantation, Gozco, and Salim Ivomas also lost ground in Jakarta, while First Resources down 2.8% in Singapore.