Palm futures rise lifted by weak ringgit

KUALA LUMPUR: Crude palm oil futures contract on Bursa Malaysia Derivatives closed higher prompted by the weak ringgit, a dealer said. 

Phillip Futures derivatives dealer David Ng said heavy rains may disrupt harvesting and complicate logistics, hence lowering production.

Spot month December 2013, January 2014 and March 2014 gained RM35 each to RM2,606, RM2,642 and RM2,658 a tonne, respectively while February 2014 rose RM39 to RM2,656. 

Volume fell to 30,134 lots from 39,488 lots previously while open interest fell to 180,539 from 190,771 contracts. 

On the physical market, December South rose RM20 to RM2,640 a tonne.

Source: Business Times 

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