Brent, US Crude Drop

KUALA LUMPUR: Crude palm oil futures (CPO) on Bursa Malaysia Derivatives closed higher yesterday in anticipation of stronger demand for the commodity.

The market players are very bullish about the outlook as the production of soyabean crop is expected to be smaller than previously anticipated, said a dealer. April 2012 contract rose RM18 to RM3,562 a tonne and May 2012 gained RM12 to end at RM3,562 a tonne.

June 2012 rose RM25 to RM3,557 a tonne and July 2012 gained RM11 to RM3,520 a tonne.

Volume rose to 20,989 lots from 20,406 lots, while open interest increased to 137,877 contracts from 120,625 contracts previously.

On the physical market, April South remained unchanged at RM3,530 a tonne. Bernama


Source : Business Times

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