KUALA LUMPUR: The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives closed higher on anticipation seasonal demand.
The country’s exports were higher between April 1 and 15 and the sudden drop in numbers for April 1 and 20 has negatively hit market sentiment, said Phillip Futures Sdn Bhd’s product specialist, David Ng
He expects exports to improve due to traders stocking up for Ramadan at end-June.
May 2014 finished RM1 higher at RM2,2695 a tonne, June 2014 added RM7 to RM2,655, July 2014 firmed RM8 to RM2,642 and August 2014 appreciated RM10 to RM2,634 a tonne.
Turnover rose to 25,288 while open interest edged up to 210,876 contracts.
On the physical market, April South was flat at RM2,730 a tonne. Bernama
Source : New Straits Times