Palm Futures Hits One-week High

KUALA LUMPUR: Crude palm oil (CPO) futures on Bursa Malaysia Derivatives closed higher yesterday on better export demand, a dealer said.

He said the palm oil futures rose to a one-week high, although gains were curbed after Cyprus’ rejection of a proposed bailout plan led to worries of a default. 

Cargo surveyor Intertek Testing Services reported that the Malaysian palm oil exports for March 1-20 rose 11 per cent to 927,665 tonnes.

April 2013 increased RM15 to RM2,429, May 2013 gained RM24 to RM2,440, June 2013 added RM26 to RM2,441 and July 2013 soared RM28 to RM2,442 per tonne.

On the physical market, March South increased RM40 to RM2,430 per tonne.

Source : Business Times

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