KUALA LUMPUR: Crude palm oil futures contracts rebounded to close higher yesterday, supported by expectations of lower stock levels in the coming months.
However, Phillip Futures Sdn Bhd Derivative Product Specialist David Ng said the upside was capped by firmer ringgit and expectations of weaker demand from India in the coming weeks.
February 2014 rose RM18 to RM2,628 a tonne, March 2014 increased RM18 to RM2,631, April 2014 gained RM25 to RM2,635 and May 2014 improved RM27 to RM2,630.
Turnover fell to 36,895 lots from 41,418 lots while open interest lost to 227,333 contracts from 228,740 contracts.
On the physical market, February South shed RM80 to RM2,540 a tonne.
Source : Business Times