Palm Futures Riding High on Ringgit

KUALA LUMPUR: Crude palm oil futures contracts on Bursa Malaysia Derivatives closed higher on the ringgit’s recent strength, dealers said.

However, traders remained cautious following the weak export data and high inventory, said a dealer.

Spot month May 2013 and June 2013 both increased RM9 to RM2,238 a tonne and RM2,258 a tonne respectively, July 2013 improved RM10 to RM2,260 a tonne and August 2013 added RM8 to RM2,256 a tonne.

Turnover slipped to 22,230 lots from 22,837 lots on Monday and open interest advanced to 185,809 contracts from 185,243 contracts previously.

On the physical market, May South increased RM10 to RM2,270 a tonne.

Source : Business Times 

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