Palm futures rise in rangebound trade

KUALA LUMPUR: Crude palm oil futures contract on Bursa Malaysia Derivatives closed higher yesterday as soyabean, its closest substitute, was poised for a better outlook.

Trade was rangebound as most investors were awaiting the release of production and export data next week by the Malaysian Palm Oil Board.

Most traders expect March production to increase between 15 and 20 per cent but it is still too early to predict.

April 2011 rose RM32 to RM3,425 a tonne while May 2011 climbed RM35 to RM3,395. June 2011 gained RM42 to RM3,382 and July 2011 added RM41 to RM3,374.

Turnover fell to 14,607 lots from 22,806 lots last Friday while open interest rose to 92,801 contracts from 92,346 contracts, recorded previously.

On the physical market, April South gained RM30 to RM3,440 per tonne. 

Source: Business Times

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