KUALA LUMPUR: The crude palm oil futures closed higher in tandem with gains on the Chicago Board of Trade.
Philip Futures Sdn Bhd Derivative Product Specialist David Ng said US soyabean futures rose on tight supplies and uncertainty over weather conditions.
“Supplies have been tight since severe drought cut the size of US soyabean harvest and traders are concerned over the possibility of unfavourable weather trimming output,” he said.
Ng said weak exports and anticipated higher output weighed on market sentiment and limited upside potential.
August 2013 increased RM29 to RM2,355, September 2013 added RM21 to RM2,296, October 2013 gained RM15 to RM2,272 and November 2013 rose RM12 to RM2,260 a tonne.
Volume fell to 22,504 lots from 28,194 and open interest decreased to 214,161 contracts from 217,706.
Source : Business Times