CPO Futures Up on High Offtake Hopes

KUALA LUMPUR: Crude palm oil futures (CPO) prices closed higher on Bursa Malaysia Derivatives in anticipation of higher offtake in February following the implementation of zero-tax for CPO exports.

Cargo surveyor Societe Generale de Surveillance reported that exports dipped 22.2 per cent to 571,481 tonnes for the first 15 days of January.

February 2013 surged RM54 to RM2,384 a tonne, March 2013 rose RM43 to RM2,418 a tonne, April 2013 added RM30 to RM2,428 and May 2013 added RM33 to RM2,448.

Turnover slipped to 35,249 lots from 42,040 lots while open interest fell to 203,747 from 206,943 contracts. 

On the physical market, February South fell by RM10 to RM2,250.

Source : Business Times

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