CPO Futures Rally Continues

KUALA LUMPUR: Crude palm oil (CPO) futures continued its rally to close at the highest level so far this year, lifted by persistent buying interest on output concerns.

Phillip Futures Sdn Bhd Derivative Product Specialist David Ng said the expectation of lower production in October, coupled with stronger demand stemming from China, sparked interests among buyers.

Spot month November 2013 rose RM35 to RM2,620 a tonne, December 2013 was RM48 higher at RM2,605, January 2014 climbed RM51 to RM2,598 and February 2014 improved RM49 to RM2,591.

Volume fell to 33,954 lots from 49,517 lots on Wednesday, while open interest narrowed to 180,673 contracts against 195,693 contracts.

On the physical market, November South added RM40 to RM2,580 a tonne.

Source : Business Times

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