CPO Futures Surge as Market Rebound

CRUDE palm oil futures closed higher yesterday as the market continues to recover from Tuesday, dealers said.

A dealer said more local domestic players have returned to the market, taking advantage of last week’s fall.

December 2011 gained RM30 to RM3,030 a tonne, January 2012 added RM47 to RM3,048, February 2012 was up RM50 to RM3,052 and March 2012 rose RM46 to RM3,053 a tonne.

Turnover rose to 21,298 lots from 15,600 while open interest surged to 117,521 contracts compared with Tuesday’s 116,975.

On the physical market, December South gained RM20 to RM3,050 a tonne.

Source: Business Times

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