CPO Futures Rise on Strong Demand

CRUDE palm oil (CPO) futures contract on Bursa Malaysia Derivatives

closed higher yesterday amid concerns that production would be affected

by the current dry spell, dealers said.

The market was well

supported by strong demand due to the onslaught of the fasting month and

this was expected to help CPO prices remain above RM3,000 per tonne.

Both August and September increased RM20 each to RM3,117 and RM3,119

per tonne respectively, while October gained RM19 to RM3,119 and

November added RM22 to RM3,119.

Turnover fell to 12,932 lots, from 27,685 lots, on Monday while open

interest was lower at 133,648 contracts, from 133,671 contracts

previously.

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