CPO Futures Firmer on Speculative Buying

CRUDE palm oil futures closed firmer yesterday on speculative buying interest.

Jim Teh, senior palm oil trader, Interband Group of Companies said the volume traded was small as prices were still above RM3,000 a tonne.

“The high price is a bonus for us despite the global economic problems,” he said.

January 2012 rose RM32 to RM3,021 February 2012 added RM35 to RM3,020, March 2012 gained RM36 to RM3,020 and April 2012 hit RM3,018.

Turnover fell to 16,811 lots from Friday’s 18,299 lots while open interest fell to 116,053 contracts from 116,782.

On the physical market, December South added RM30 to RM3,030 a tonne.

Source: Business Times

Leave a Reply