CPO futures up on mild buying support

CRUDE palm oil (CPO) futures prices on Bursa Malaysia Derivatives closed higher yesterday on mild buying support, dealers said.

They said although the market was weak, the current sentiment was still bullish as proven by the positive export data released on Monday.

July 2011 rose RM32 to RM3,252 a tonne and August 2011 jumped RM35 to RM3,240. September 2011 increased RM28 to RM3,221 while October 2011 gained RM33 to RM3,227.

Turnover declined to 16,324 lots from 24,209 on Monday while open interest rose to 114,337 contracts from 115,257 previously.

On the physical market, June South rose to RM3,260 a tonne from RM3,250 previously.

Source:  Business Times

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