Concerns Over Lower Production Lift CPO Futures

KUALA LUMPUR: Crude palm oil (CPO) futures ended firmer yesterday, lifted by concerns over lower production, a dealer said.

Phillip Futures derivative products specialist David Ng said the recent weakening of the ringgit against the US dollar also helped push demand for the commodity higher, especially from foreign buyers.

He, however, said that rising concerns over the lacklustre export performance weighed on prices, thus limiting the day’s gains.

October 2014 increased RM15 to RM2,202 a tonne, November 2014 rose RM12 to RM2,195 a per tonne, December 2014 gained RM11 to RM2,180 and January 2015 added RM10 to RM2,194 a tonne.

Volume decreased to 28,625 lots from 29,596 lots on Friday while open interest was marginally higher at 294,606 contracts against 294,471 contracts previously.

On the physical market, October South was up RM10 at RM2,210 a tonne.

The local market was closed yesterday due to Hari Raya AidilAdha holiday.Bernama


Source : Business Times

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