Palm Futures up on Short-covering

KUALA LUMPUR: Crude palm oil futures on Bursa Malaysia Derivatives closed higher yesterday due to short-covering, backed by positive external sentiments, dealers said.

They said the higher CPO prices were influenced by higher soyaoil prices and gains in the global market weighing on the sentiments.

June 2012 gained RM45 to RM3,060 a tonne, July 2012 added RM54 to RM3,073 while August 2012 added RM50 to RM3,069 a tonne and September 2012 edged up RM53 to RM3,063.
However, volume fell to 40,959 lots from 55,312 lots, while open interest dwindled to 104,233 contracts from 108,716 previously.

On the physical market, June South was unchanged at RM3,080 a tonne.

Source : Business Times

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