Malaysia's CPO falls 1.7% on fresh fears over eurozone debts

23 July 2012 11:42  [Source: ICIS news]

SINGAPORE (ICIS)--Malaysia’s crude palm oil (CPO) futures closed lower on Monday, in line with losses in crude and other commodities, amid fears that Spain will not be able to avoid a costly bailout.

The benchmark October palm oil futures on the Bursa Malaysia Derivatives Exchange settled at Malaysian ringgit (M$) 2,990/tonne ($946/tonne), down by 1.7% from last Friday’s session.

Participants were worried following reports that one of Spain's indebted regions, Valencia, would ask the central government for financial support.

“The market is focusing on the debt issues in Europe and how that may affect global economic growth and the demand for commodities,” a trader said.

($1 = M$3.16)

By: Yeow Pei Lin

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