CPO futures close higher on the back of better soyaoil prices

CPO futures close higher on the back of better soyaoil prices
Business & Markets 2013
Written by Bernama
Friday, 06 September 2013 19:17

KUALA LUMPUR (Sept 6): Crude palm oil (CPO) futures contracts on Bursa Malaysia Derivatives closed higher today, taking the cue from the firmer soyaoil prices on the Chicago Board of Trade and the weaker ringgit against the US dollar.

Phillip Futures Sdn Bhd Derivative Product Specialist, David Ng, said the upbeat however, was limited, as soyabean oil production was expected to slow down due to high seasonal period.

"Going forward, the market will continue to keep an eye on the data to be released next week by Malaysia Palm Oil Board and cargo surveyors," he told Bernama.

Spot month September 2013 rose RM32 to RM2,432 per tonne, October 2013 gained RM32 to RM2,447 per tonne, November 2013 added RM32 to RM2,444 per tonne, and December 2013 increased RM33 to RM2,4444 per tonne.

Volume advanced to 30,152 lots from 23,779 lots, while open interest rose to 187,951 contracts, versus Thursday's 184,006 contracts.

On the physical market, September South rose RM15 to RM2,435 a tonne.