CPO futures close sharply higher

CRUDE palm oil futures on Bursa Malaysia Derivatives closed sharply higher yesterday on active buying in the second half of the trading session, a dealer said.

“There was a big boost in the second half and this could be due to speculative buying as other markets in the region were on a downtrend,” she said.

She expects unfavourable export data from cargo surveyors ITS and SGS today for September 1-15.

September 2011 increased by RM31 to close at RM3,135 a tonne while October 2011 rose RM38 to end trading at RM3,099 a tonne. November 2011 gained RM46 to close at RM3,065 a tonne while December 2011 increased by RM51 to RM3,058 a tonne.

Source: Business Times

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