Palm Futures Rise On Short-covering

The crude palm oil futures market closed higher yesterday buoyed by firmer crude and soyaoil prices.

Short-covering by traders also helped lift market sentiment.

Crude oil was at a near three-week high of US$75 (US$1.00 = RM3.25) per barrel hence the positive sentiment for crude palm oil which appealed as a better choice for biodiesel feedstock.

On the futures maket, August rose RM19 to RM2,522 a tonne, September added RM32 to RM2,483, October perked RM33 to RM2,457 and November gained RM32 to RM2,452 a tonne.

Volume declined to 16,473 lots, from 17,134 lots on Tuesday, while open interest rose to 68,667 , from 67,704 contracts, previously.

On the physical market, July South rose RM20 to close at RM2,530 a tonne.

Source: Business Times

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