KUALA LUMPUR: The crude palm oil futures on Bursa Malaysia Derivatives closed higher yesterday on lower soyabean crop, dealers said.
They said lower production of soyabean oil would trigger an increase in demand for palm oil.
“The market also saw rising demand for CPO ahead of Ramadhan,” another dealer said.
August 2012 added RM44 to RM3,114, September 2012 and October 2012 rose RM36 each to RM3,124 and RM3,130 respectively and November 2012 increased RM35 to RM3,131.
Volume increased to 34,976 lots from 26,314 lots previously, while open interest rose to 131,221 from 120,727 contracts previously.
On the physical market, July South went up RM30 to RM3,110.
Source : Business Times