CPO Futures Up on Short-covering

KUALA LUMPUR: Crude palm oil futures contracts on Bursa Malaysia Derivatives rebounded yesterday on short-covering despite slowing export demand.

Interband Group senior palm oil trader Jim Teh said the market has been on the downtrend for the past few days following sluggish exports data and bearish external factors. 

Spot month May 2013 gained RM20 to RM2,265 a tonne, June 2013 increased RM24 to RM2,276, July 2013 improved RM18 to RM2,273 and August 2013 rose RM16 to RM2,273.

Turnover increased to 35,888 lots from the 17,147 lots and open interest improved to 188,883 contracts from 170,442 contracts previously.

On the physical market, May South gained RM10 to RM2,290 a tonne.

Source : Business Times 

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