KUALA LUMPUR, June 1 — Crude palm oil (CPO) futures contracts on Bursa Malaysia Derivatives closed higher today on the back of a weaker ringgit.
Phillip Futures Sdn Bhd dealer Ong Su Lin said the local currency was lower against the US dollar today that helped to lift buying interest among foreign buyers.
Ong said the country’s CPO futures soared 3.5 per cent to record its biggest gain since April 4.
“This is due to tracking the huge gain in overnight soy oil market together with the stronger export data released today,” she told Bernama.
She said Malaysia’s palm oil export had increased about 44 per cent in May compared with the preceding month.
“We expect positive sentiment to flood the market again after robust export data, and we also anticipate the increase of edible oil consumption in preparation for the holy month of Ramadan,” she added.
June 2015 increased RM100 to RM2,270 a tonne while July 2015 and August 2015 both rose RM78 each to RM2,293 and RM2,294 a tonne, respectively.
September 2015 advanced RM74 to RM2,294 a tonne.
Volume was higher at 34,808 lots from 30,811 lots on Friday while open interest widened to 205,950 contracts versus 200,166 contracts previously.
On the physical market, June South gained RM50 to RM2,250 a tonne. — BernamaSource : The Malaymail Online