CPO Higher on Renewed Demand

KUALA LUMPUR: Crude palm oil (CPO) futures prices rebounded to close higher yesterday after touching a one-year low on Monday, supported by renewed demand for the commodity.

Phillip Futures derivative product specialist, David Ng, said the CPO were traded higher due to bargain hunting as the current low prices attracted buying interest.

Spot month August 2014 eased RM2 to RM2,228 a tonne while both September 2014 and October 2014 rose RM10 each to RM2,212 a tonne and RM2,187 a tonne, respectively.

November 2014 added RM15 to RM2,201 a tonne.

Volume decreased to 31,708 lots from 47,549 lots on Monday while open interest fell to 268,908 contracts from 281,716 previously.

On the physical market, August South was unchanged at RM2,240 a tonne.



Source : New Straits Times

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