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CPO prices close higher, tracking CBT soy prices

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CPO prices close higher, tracking CBT soy prices Empty CPO prices close higher, tracking CBT soy prices

Post by Cals Tue 08 Oct 2013, 01:26

CPO prices close higher, tracking CBT soy prices
Business & Markets 2013
Written by Bernama   
Monday, 07 October 2013 19:43
KUALA LUMPUR (Oct 7): Crude palm oil futures ended higher but in cautious trading, in tandem with a better showing on the Chicago Board of Trade.

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.

Strong seasonal output is expected to push inventories to its highest level in six months, while output is anticipated to surge by 15 per cent, as production enters its peak period.

"All these would exert downward pressure on prices," said a dealer, adding that the shutdown of the US government could weigh on palm oil prices, if the situation prolonged.

Spot month October 2013 gained RM11 to RM2,350, November 2013 rose RM7 to RM2,322, December 2013 increased RM13 to RM2,318, and January 2014 gained RM9 to RM2,318.

Volume increased to 26,984 lots from 21,303 lots on Friday, while open interest rose to 181,330 contracts, versus Friday's 176,538 contracts.

On the physical market, October South added RM10 to RM2,350 a tonne.
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