Palm Futures Close Slightly Higher

KUALA LUMPUR: Crude palm oil futures ended slightly higher yesterday as tight soyabean supplies from Argentina trumped concerns triggered by a Spanish debt downgrade, with traders awaiting export data on Monday for more clues on price movements.

“The market was a bit quiet ahead of the weekend. There is no direction as traders are waiting for developments in the market,” said a trader with a foreign commodities brokerage here.

“The market looks to be rangebound between RM3,480 and RM3,520.”
Benchmark July palm oil futures on Bursa Malaysia Derivatives inched up 0.1 per cent to close at RM3,505 a tonne. Traded volumes were thin at 21,059 lots.

Source : Business Times

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