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CPO futures closes broadly higher on strong demand

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CPO futures closes broadly higher on strong demand Empty CPO futures closes broadly higher on strong demand

Post by Cals Tue 29 Oct 2013, 23:55

CPO futures closes broadly higher on strong demand
Business & Markets 2013
Written by Bernama   
Tuesday, 29 October 2013 20:04
KUALA LUMPUR (Oct 29): Crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives closed broadly higher for the second consecutive days, lifted by strong demand for the commodity, a dealer said.

Phillip Futures Sdn Bhd Derivative Product Specialist David Ng said, the local market saw interest in anticipation of continuous demand from China — the world's largest rubber consumer.

Speaking to Bernama, he said the forecast of rain in several parts of Malaysia over the next week, and which may hamper harvesting and curb output, also sparked demand.   

Meanwhile, spot month November 2013 climbed RM47 to RM2,527 a tonne, December 2013 expanded RM36 to RM2,507, January 2014 increased RM35 to RM2,498, and February 2014 improved RM36 to RM2,495.

Volume rose to 48,213 lots from 36,495 lots on Monday, while open interest widened to 202,021 contracts, against 191,064 contracts recorded yesterday.

On the physical market, November South added RM30 to RM2,500 a tonne.
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