CPO Futures Dip on Speculative Play

KUALA LUMPUR: Crude palm oil futures prices closed firmer yesterday prompted by speculative play, dealers said.

They said the positive outlook for the industry in line with growing global demand would boost market confidence and support prices.

“Concerns over supply shortage have also pushed up the prices,” a dealer said.
July 2012 rose RM18 to RM3,015 a tonne while, August 2012 appreciated RM46 to RM3,059, September 2012 added RM53 to RM3,065 and October 2012 also went up RM48 to RM3,071.

Volume slid to 33,372 lots from 45,851 lots while open interest fell to 124,589 from 147,635 contracts previously.

On the physical market, July South slipped by RM50 to RM3,080 a tonne.


Source : Business Times

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