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CPO futures close higher due to bargain hunting by investors
by Cals Sat 27 Jul 2013, 01:28
CPO futures close higher due to bargain hunting by investors
Business & Markets 2013
Written by Bernama
Friday, 26 July 2013 19:47
KUALA LUMPUR (July 26): The crude palm oil (CPO) futures contract on the Malaysia Derivatives Exchange closed mixed to higher due to bargain hunting activities after yesterday's sharp decline.
Philip Futures Sdn Bhd Derivative Product Specialist David Ng said traders returned to the market to pick up fresh stocks in anticipation of prices retreating next week.
"CPO output is expected to increase in August due to the peak production period while a bumper soybean crop is expected for the 2013-2014 season in the United States beginning September," he told Bernama today.
However, he added that the weakening crude oil prices on the New York Mercantile Exchange capped prices from moving higher.
August 2013 decreased RM11 to RM2,260 per tonne, September 2013 increased RM19 to RM2,218 per tonne, October 2013 gained RM13 to RM2,183 per tonne and November 2013 rose RM15 to RM2,177 per tonne.
Volume declined to 46,541 lots, from 50,483 lots, on Friday and open interest fell to 240,671 contracts from 242,771 contracts recorded previously.
August South remained unchanged at RM2,280 per tonne. -- BERNAMA
Business & Markets 2013
Written by Bernama
Friday, 26 July 2013 19:47
KUALA LUMPUR (July 26): The crude palm oil (CPO) futures contract on the Malaysia Derivatives Exchange closed mixed to higher due to bargain hunting activities after yesterday's sharp decline.
Philip Futures Sdn Bhd Derivative Product Specialist David Ng said traders returned to the market to pick up fresh stocks in anticipation of prices retreating next week.
"CPO output is expected to increase in August due to the peak production period while a bumper soybean crop is expected for the 2013-2014 season in the United States beginning September," he told Bernama today.
However, he added that the weakening crude oil prices on the New York Mercantile Exchange capped prices from moving higher.
August 2013 decreased RM11 to RM2,260 per tonne, September 2013 increased RM19 to RM2,218 per tonne, October 2013 gained RM13 to RM2,183 per tonne and November 2013 rose RM15 to RM2,177 per tonne.
Volume declined to 46,541 lots, from 50,483 lots, on Friday and open interest fell to 240,671 contracts from 242,771 contracts recorded previously.
August South remained unchanged at RM2,280 per tonne. -- BERNAMA
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