Palm futures up on positive sentiment boost

KUALA LUMPUR: Crude palm oil (CPO) futures prices on Bursa Malaysia Derivatives closed higher yesterday, tracking gains on the soyaoil market and the positive sentiment from the palm oil conference held here on Wednesday.

Industry expert Thomas Mielke said the demand for palm oil was rising from countries including India and China, with global imports expected to reach 44.71 million tonnes in 2014/2015, an increase of 5.1 per cent from a year earlier.

At the close, November 2014 rose RM15 to RM2,275 a tonne, December 2014 gained RM18 to RM2,287 a tonne, January 2015 improved RM17 to RM2,280 a tonne while February 2015 edged RM16 to RM2,280 a tonne.

Volume decreased to 65,212 lots from 68,612 lots on Wednesday.

Open interest narrowed to 300,083 contracts from 309,587 contracts previously.

On the physical market, November South was RM20 higher at RM2,290 a tonne. Bernama

Source : New Straits Times

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