CPO Futures Up on Speculative Play

CRUDE palm oil futures contracts on Bursa Malaysia Derivatives closed higher on speculative play yesterday, following news that Indonesia was increasing its export tax for palm oil, a dealer said.

Interband Group senior palm oil trader Jim Teh said gains were limited as the market was still in a “yo-yo” trading with high inventory and lack of fresh leads.

Spot month February 2013 was RM18 higher at RM2,402, March 2013 was RM31 better at RM2,443, April 2013 added RM31 to RM2,475 and May 2013 rose RM31 to RM2,504 a tonne. 

Turnover decreased to 30,506 from 35,486 lots, while open interest declined to 198,697 from 210,074 contracts.

Source : Business Times

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