KUALA LUMPUR: The crude palm oil futures contract closed higher yesterday in anticipation of lower stocks for June.
“Stocks are expected to drop further to 1.75 million tonnes in June, coupled with the good exports data and a slowdown in production,” said Philip Futures derivative product specialist, David Ng.
July 2013, August 2013 and September 2013 all gained RM6 to end at RM2,365 a tonne, RM2,374 and RM2,371, respectively.
October 2013 rose RM4 to RM2,362 a tonne.
Turnover eased to 26,045 lots from the 36,758 lots on Wednesday, while open interest increased to 201,204 contracts from 211,134 contracts previously.
On the physical market, June South gained RM10 to RM2,380 a tonne.
Source : Business Times