Palm Futures Up on Speculative Play

CRUDE palm oil futures contracts on Bursa Malaysia Derivatives closed higher on speculative play for the second consecutive day yesterday.

A dealer attributed the favourable performance, the highest this year, on external factors such as Indonesia raising export tax for palm oil and expectations of dry weather affecting soy crops. 

For today, he said market players will be looking out for January palm oil exports data for fresh leads.

At the close, spot month February 2013 soared RM43 to RM2,445 a tonne, March 2013 rose RM37 to RM2,480 a tonne, April 2013 added RM35 to RM2,510 a tonne and May 2013 rose RM31 to RM2,535 a tonne.

Source :  Business Times

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