Palm futures rise as ringgit weakens

KUALA LUMPUR: Crude palm oil (CPO) futures contracts on Bursa Malaysia Derivatives were traded higher yesterday, supported by a sharp depreciation of the ringgit against the dollar.

January 2014 was RM22 higher at RM2,524 a tonne, February 2014 gained RM22 to RM2,555 a tonne, March 2014 rose RM21 to RM2,573 a tonne and April 2014 added RM21 to RM2,581 a tonne.

The United States Federal Reserve’s tapering decision firmed up the US dollar against most currencies.

Turnover fell to 19,796 lots from Wednesday’s 38,116 lots while open interest dwindled to 171,707 contracts from 188,739 contracts.

On the physical market, December South was unchanged at RM2,540 a tonne.

Source: Business Times

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