Speculation Boosts Palm Futures

KUALA LUMPUR: The crude palm oil futures closed higher yesterday on playoff by speculators taking advantage of low commodity prices, a dealer said.

Discouraging China and US economic data, political uncertainty in the eurozone and the US$2 billion trading loss at JPMorgan Chase had affected prices, he added.

May 2012 added RM12 to RM3,196 a tonne, June 2012 rose RM83 to RM3,236, July 2012 rose RM76 to RM3,226 and August 2012 added RM75 to RM3,204.
Volume fell to 34,697 lots from 40,345 lots yesterday, while open interest dipped to 121,971 from 122,887 contracts previously.

On the physical market, May South inched up RM30 to RM3,250.

Source : Business Times

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