KUALA LUMPUR: Crude palm oil (CPO) futures contracts on Bursa Malaysia Derivatives closed higher yesterday, ahead of the monthly export data to be released today.
Coupled with a weaker ringgit against the US dollar, this triggered a buying interest in the market as the ringgit-priced feedstock seemed cheaper, they said.
“CPO prices moved in tandem with soyaoil prices that had risen due to concerns that the hot and dry weather in South America could hurt production,” a dealer said.
February 2012 and March 2012 added RM30 each to RM3,160 a tonne and RM3,190 a tonne respectively, April 2012 gained RM37 to RM3,205 a tonne and May 2012 advanced RM39 to RM3,206 a tonne.
Source: Business Times