Palm Futures Rise on Speculative Buying

KUALA LUMPUR: Crude palm oil futures contracts on Bursa Malaysia Derivatives closed higher yesterday mainly on speculative buying ahead of the weekend, dealers said.

They said buyers were still sidelined and waiting for fresh market leads amid the continued concerns of high stocks. 

November 2012 gained RM8 to RM2,404, December 2012 added RM19 to RM2,475, February 2013 gained RM10 to RM2,540, while January 2013 increased RM5 to RM2,501.

Turnover decreased to 27,875 lots from Thursday’s 34,274 lots, while open interest fell to 148,945 contracts from 157,236 contracts. 

On the physical market, November South rose RM20 to RM2,420 per tonne.

Source :  Business Times
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