KUALA LUMPUR: Crude palm oil (CPO) futures contracts on Bursa Malaysia Derivatives closed higher yesterday, tracking Chicago Board of Trade soya prices and optimism over a price-friendly US Department of Agriculture report later yesterday.
“However, the upside is expected to be capped as leading vegetable oil analyst Dorab Mistry said that palm oil’s recent rally may run out of steam due to recovery in Southeast Asia’s CPO output and as US Federal Reserve may start tapering off the stimulus,” said Phillip Futures Sdn Bhd Derivative Product specialist, David Ng.
Spot month September, October and December gained RM10 each to RM2,361, RM2,351 and RM2,340, respectively.
Source : Business Times
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