Palm Futures up on Buying Interest

KUALA LUMPUR: The crude palm oil futures on Bursa Malaysia Derivatives closed higher yesterday as concern over demand for the commodity eased after European leaders agreed to tackle the region’s debt crisis.

A dealer said the market reacted positively to the development of the EU summit coupled with the favourable US weather that shifted buyers’ interest to palm oil.

July 2012 and August 2012 added RM9 each to RM2,992 and RM3,000 a tonne respectively, September 2012 rose RM22 to RM3,020 and October 2012 rose RM31 to RM3,031.

Volume rose to 26,707 lots from 21,457 lots while open interest went up to 94,587 from 92,975 contracts previously.

On the physical market, June South went up RM10 to RM3,010 tonne compared to Thursday’s close.

Source : Business Times

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