CPO Futures Higher on Bullish Conditions

CRUDE palm oil futures closed higher yesterday backed by strong demand and short supply of the commodity, dealers said.

Prices were also supported by rising concern over hot weather hurting South American soya crop which could disrupt global supplies.

January 2012 added RM59 to RM3,079 a tonne, February 2012 rose RM54 to RM3,075, March 2012 gained RM52 to RM3,072 and April 2012 rose RM45 to RM3,056.

Volume rose to 24,123 lots, from Tuesday’s 17,272 lots, while open interest fell to 113,982 contracts compared with Tuesday’s 115,017.

On the physical market, January South rose RM60 to RM3,090 a tonne.

Source:  Business Times

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