Palm Futures Surge on Technical Correction

CRUDE palm oil (CPO) futures contract closed slightly higher on Bursa Malaysia Derivatives yesterday in a technical correction after a bearish trend last week, dealers said.

“The traders are getting the momentum back. However, the volume is not very active,” a dealer said.

October 2011 rose RM25 to RM2,835 a tonne, November 2011 added RM2 to RM2,800 a tonne, December 2011 climbed RM8 to RM2,801 a tonne and January 2012 gained RM9 to RM2,813 a tonne.

Total volume fell to 23,703 lots from Monday’s 24,103 lots while open interest totalled 142,297 contracts from 139,670. – Bernama

Source: Business Times

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