CPO Futures Higher on Buying Interest

KUALA LUMPUR: Crude palm oil futures prices on Bursa Malaysia Derivatives closed higher yesterday, spurred by buying interest in the commodity. 

Philip Futures Sdn Bhd Derivative Product Specialist David Ng said the local market was also lifted by the fall in the ringgit to the dollar, attracting international buyers.

“The overnight gains in soyaoil prices on the Chicago Board of Trade lent support to the market movement as well,” he said.

The Malaysian Palm Oil Board is expected to release the country’s stock, output and exports data today.

Spot month October 2013 rose RM19 to RM2,369, November 2013 appreciated RM19 to RM2,368, December 2013 firmed RM20 to RM2,369, and January 2014 increased RM19 to RM2,370 a tonne. 

Volume eased to 25,983 lots from 31,954 lots on Tuesday, while open interest fell to 178,518 contracts against the 185,583 contracts previously. 

On the physical market, October South was up RM10 to RM2,370 a tonne.

Source : Business Times 

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