Palm Futures Firmer on Speculative Buying

CRUDE palm oil futures contracts on Bursa Malaysia Derivatives closed firmer yesterday on speculative buying despite heavy physical stocks in Malaysia and Indonesia, a trader said.

Interband Group of Companies senior trader, Jim Teh, said the speculators were playing with the market in the hope of making a profit.

November increased RM61 to RM2,880 a tonne, December added RM59 to RM2,886, January 2012 inched up RM57 to RM2,892 and February 2012 gained RM55 to RM2,900.

Volume rose to 29, 646 lots from 26,981 while open interest declined to 137,721 contracts from 141,735 previously.

Source: Business Times

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