Palm Futures Up on Export Demand

KUALA LUMPUR: Crude palm oil futures contracts on Bursa Malaysia Derivatives moved higher yesterday on improved export demand and expectations of lower output this month due to the seasonal low production of oil palm trees.

A weaker ringgit and a firm Chicago Board of Trade soya oil may also push up prices. 

February 2014, March 2014 and April 2014 rose RM21 to RM2,649, RM2,652 and RM2,656 a tonne, respectively, while May 2014 was up by RM23 to RM2,653 a tonne.

Turnover rose to 37,896 lots from 36,895 lots while open interest gained 234,528 contracts from 227,333 contracts.

On the physical market, February South surged RM120 to RM2,660 a tonne.
Source Business Times

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