CPO Futures Higher on Strong Export Performance

Kuala Lumpur: Crude palm oil (CPO) futures prices on Bursa Malaysia Derivatives closed higher yesterday, thanks to September’s strong export performance.

According to Cargo Surveyor Intertek Testing Services, exports of Malaysian palm oil products during the month rose by 16.3 per cent from a month earlier to 1.5 million tonnes.

Phillip Futures Sdn Bhd derivative product specialist, David Ng, said India was aggressively purchasing palm oil and the current price was deemed attractive to restock ahead of key festivals like Deepavali.

At the close, October 2014 added RM27 to RM2,232 a tonne, and January 2015 increased RM23 to RM2,233 a tonne.

November 2014 and December 2014 decreased by RM32 and RM25 to RM2,227 a tonne and RM2,217 a tonne, respectively.

Volume advanced to 43,225 lots from 26,489 lots recorded on Monday while open interest increased to 305,698 contracts from 286,208 contracts on Monday.

On the physical market, October South was up RM20 at RM2,240 a tonne. Bernama

 

Source : New Straits Times

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