Palm Futures Up on Weak Ringgit

KUALA LUMPUR: Crude palm oil (CPO) futures contracts on Bursa Malaysia Derivatives closed higher yesterday on the back of the weakening ringgit against the US dollar, dealers said.

Phillip Futures Sdn Bhd Derivative Product Specialist David Ng said the CPO futures were also traded higher as exporters needed to fulfil their export obligations.

“The market was keenly awaiting the release of end-September’s palm oil stocks and production data by the Malaysian Palm Oil Board on Thursday,” he said. 

Spot month October 2013 was unchanged at RM2,350 per tonne, November 2013 added RM27 to RM2,349 per tonne, December 2013 was RM21 higher at RM2,349 per tonne and January 2014 gained RM33 to RM2,351 per tonne.

Volume increased to 31,954 lots from 26,984 lots on Monday while open interest gained to 185,583 contracts from 181,330 contracts previously.

On the physical market, October South gained RM10 to RM2,360 a tonne.

Source : Business Times

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