Palm Futures Rise on Export Data

KUALA LUMPUR: Crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives closed higher yesterday, influenced by firm export data, a dealer said.

Phillip Futures Sdn Bhd Derivative Product specialist David Ng said the rise was in tandem with gains on the Chicago Board of Trade.

“Cargo surveyor, Intertek, estimated Malaysia’s palm oil exports during April 1 to 15 at 521,847 tonne versus 480,730 tonnes recorded in the same period a month ago.”

April 2014 ended RM10 higher at RM2,680 a tonne, May 2014 finished RM25 better at RM2,692 a tonne, June 2014 improved RM48 to RM2,663 per tonne and July 2014 gained RM44 to RM2,647 per tonne.

Turnover eased to 34,660 lots from 34,738 lots on Monday while open interest dwindled to 215,131 contracts from Monday’s 217,550 contracts.

Meanwhile, on the physical market, April South added RM20 to RM2,720 a tonne. Bernama

Source : New Straits Times 

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