Palm Futures Uptrend Continues

KUALA LUMPUR: Crude palm oil (CPO) futures contract closed higher on expectation of lower palm oil stocks for March amid weak overseas soyabean oil markets.

A dealer said traders were optimistic that lower inventories, reduced output and encouraging export data would support a price uptrend.

May 2013 improved RM13 to RM2,387, June 2013 climbed RM14 to RM2,396 and July 2013 added RM17 to RM2,403 a tonne, but spot month April 2013 fell RM20 to RM2,337.

Turnover decreased to 31,672 lots from 34,406 lots, while open interest fell to 179,955 contracts from 184,918 contracts.

Source : Business Times 

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