Palm Futures Rise on Upbeat Sentiment

THE crude palm oil futures contract on Bursa Malaysia Derivatives closed higher yesterday ahead of the release of production data by the Malaysian Palm Oil Board today.

A dealer said the industry expected a favourable set of data despite the uncertain global economy.

The edible oil was also in tandem with firmer soyabean oil prices and the uptrend in the regional market, he said, adding that sentiment was also boosted by the world’s largest edible oil consumer, which was planning to tender palm oil from either Malaysia or Indonesia.

Meanwhile, January 2012 advanced RM12 to RM3,210 per tonne, February 2012 added RM5 to RM3,221 per tonne, March 2012 climbed RM4 to RM3,215 per tonne and April 2012 increased RM7 to RM3,210 per tonne.

Volume declined to 15,947 lots, from 18,702 lots on Friday and open interest dwindled to 113,780 contracts from 114,558 contracts previously.

On the physical market, January South rose RM10 to RM3,230 a tonne.

Source: Business Times

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