Palm Futures Up on Fresh Buying Interest

KUALA LUMPUR: The crude palm oil futures (CPO) contract on Bursa Malaysia Derivatives closed higher yesterday on renewed buying interest, dealers said.

Prices are expected to bounce in the second quarter as dwindling soyabean stocks and higher crude oil prices could offset high palm oil stocks.

March 2012 and April 2012 advanced RM42 each to RM3,358 and RM3,362 per tonne respectively, May 2012 added RM48 to RM3,365 per tonne and June 2012 was RM46 higher at RM3,356 per tonne.

Total volume declined to 22,597 lots from 27,074 lots while open interest eased to 127,321 contracts from 127,986 contracts previously .

On the physical market, March South increased RM30 to RM3,350 a tonne.

Source: Business Times

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