Palm Futures Up on Healthy Demand

KUALA LUMPUR: The crude palm oil (CPO) futures contracts on Bursa Malaysia Derivatives closed higher on the back of healthy demand, dealers said.

A dealer said market optimism after European leaders agreed on measures to tackle the region’s debt crisis, dry weather worries in US as well as increasing demand ahead of the Ramadan end of this month, lent support to the commodity’s price with stronger demand scenario.

July rose by RM62 to RM3,054 per tonne, August added RM70 to RM3,070, September earned RM68 to RM3,088 and October gained RM63 to RM3,094.
 
Volume declined to 26,314 lots from 26,707 lots last Friday, while open interest rose to 120,727 contracts from 94,587 contracts previously.

 

Source :  Business Times

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