CPO Futures Rise on Strong Buying Interest

KUALA LUMPUR: Crude palm oil futures (CPO) closed higher yesterday on continuous buying interest, after hitting a one-year high of RM3,497 a tonne, dealers said.

The benchmark June palm oil futures closed at RM3,481 a tonne after reaching a high of RM3,497, a level unseen since March last year.

A dealer said demand was boosted on fears of crop damage in South America and this could potentially boost prices further.

April 2012 advanced RM28 each to RM3,510, May 2012 added RM30 to RM3,485 and July 2012 was RM35 higher at RM3,470.

Volume declined to 17,471 lots from 17,662 lots while open interest eased to 86,148 contracts from 89,089 contracts.

On the physical market, March South gained RM20 to RM3,460 a tonne

Source: Business Times

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