Palm Futures Up on Short-covering

KUALA LUMPUR: The crude palm oil futures closed higher on short covering activities and despite the downtrend in soyoil price on the Chicago Board of Trade.

When trading ended, spot month February 2013 was RM12 higher at RM2,358 a tonne, March 2013 was up RM21 at RM2,383 a tonne, April 2013 bolstered RM22 to RM2,400 and May 2013 was up RM19 at RM2,419 a tonne.

Turnover declined to 44,307 lots from Thursday’s 45,433 lots while open interest fell to 217,050 from 218,417 contracts.

On the physical market, February South was up RM50 at RM2,280 a tonne.


Source :  Business Times

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