Palm futures up on output boost

Crude palm oil futures contract on Bursa Malaysia Derivatives closed higher yesterday on expectation of lower output in December.

Phillip Futures Sdn Bhd Derivative Product Specialist David Ng said the ringgit, which was at a three-month low, also supported prices.

He said the workers’ strike at Indonesia’s biggest port, Tanjung Priok, had also raised concerns over supply flows from the country.

“However, the upside is limited due to losses on soyaoil futures in the Chicago Board of Trade,” he added.

Spot month January 2014 gained RM10 to RM2,603 a tonne, February 2014 firmed RM10 to RM2,617, March 2014 rose RM8 to RM2,625 and April 2014 increased RM6 to RM2,629.

Source: Business Times

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