Palm Futures Up on Bullish Leads

KUALA LUMPUR: Crude palm oil (CPO) futures contracts on Bursa Malaysia Derivatives closed firmer yesterday, supported by external market factors and strong export data, dealers said.

For the first 25 days of March, cargo surveyor Societe Generale de Surveillance reported exports of Malaysian palm oil products rose 6.6 per cent to 1,055,071 tonnes from a month ago, while Intertek Testing Services said exports gained 7.7 per cent to 1,068,774 tonnes.

Benchmark June gained 1.0 per cent to settle at RM3,459 a tonne after hitting a high of RM3,479, a level unseen since last March.

Total market volume fell to 29,469 lots from 32,759 lots last Friday while open interest decreased to 89,089 contracts from 122,586.

On the physical market, April South increased RM30 to RM3,440 a tonne.

Source: Business Times

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