Palm Futures Rise on Stronger Soyaoil Prices

KUALA LUMPUR: Crude palm oil futures on closed higher yesterday, on the back of stronger soyaoil prices, dealers said.

Sentiment was further boosted by concern over tight supply due to lower production anticipated in February.

February 2012, April 2012 and May 2012 appreciated by RM37 each to RM3,130 a tonne, RM3,168 and RM3,167 a tonne, respectively, while March 2012 added RM19 to RM3,160 a tonne.

Turnover fell to 22,375 lots, from 22,706 lots, on Friday while open interest increased to 118,596 contracts, from 116,457, previously.

On the physical market, February South was unchanged at RM3,120 a tonne.

Source: Business Times

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