CPO Futures Rise on Renewed Buying Interest

KUALA LUMPUR: Crude palm oil futures extended Thursday’s gains on renewed buying interest yesterday, dealers said.

A dealer also said that prices increased sharply following the release of export data by the Malaysian Palm Oil Board yesterday.

Another dealer said players were also anticipating a tight supply in soy bean, which will augur well for palm oil price.

August 2012 increased RM13 to RM2,830, September 2012 rose RM16 to RM2,843, while October 2012 added RM17 to RM2,882 and November 2012 surged RM25 to RM2,909 a tonne.

Volume rose to 28,006 lots from 20,741 lots, while open interest went up to 142,561 from 136,966 contracts.

On the physical market, August South depreciated to RM2,750 a tonne.

Source :  Business Times

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