CPO Futures Witness Bargain Buying

KUALA LUMPUR: Crude palm oil (CPO) futures continued to witness bargain buying interest after prices fell sharply over the past few days. 

However, the demand in the upcoming weeks is likely to rise in Malaysia’s CPO output from this month onwards, which is expected to limit the upside.

Spot month August 2013 gained RM63 to RM2,340, September 2013 rose RM39 to RM2,305, October 2013 surged RM41 to RM2,291 and November 2013 improved RM36 to RM2,281 a tonne. 

Turnover expanded to 53,157 lots from 40,220 lots, while open interest advanced to 241,569 contracts from 224,560 contracts. 

On the physical market, August South rose RM40 to RM2,350 a tonne.

Source : Business Times 

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