Palm Futures Up on Buying Support

KUALA LUMPUR: Crude palm oil (CPO) futures contracts on Bursa Malaysia Derivatives closed higher yesterday on technical buying support for the commodity. 

Malaysia, the world’s No. 2 palm oil producer, maintained the tax on CPO exports for June to boost shipments and pare down inventories. 

Spot month June 2013 rose RM40 to RM2,320 a tonne, July 2013 added RM29 to RM2,324, August 2013 jumped RM17 to RM2,314 and September 2013 closed RM8 higher at RM2,305 a tonne. 

Turnover increased to 44,002 lots from 42,201 lots on Wednesday but open interest fell to 215,295 contracts from 215,695 previously.

On the physical market, May South advanced RM40 to RM2,330 a tonne.

Source : Business Times 

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