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CPO price close higher on bargain hunting
by Cals Wed 20 Nov 2013, 22:34
| CPO price close higher on bargain hunting |
| Business & Markets 2013 |
| Written by Bernama |
| Wednesday, 20 November 2013 19:56 |
"The bargain buying came after the recent fall and with output in Malaysia and Indonesia seen declining this month," Phillip Futures Sdn Bhd Derivative dealer, David Ng told Bernama.
He said concerns over export demand in the near term may limit the uptrend.
Cargo Surveyor Intertek Testing Services data released earlier today showed that Malaysia’s palm oil exports during Nov 1-20 fell to one million tonnes compared to 1.03 million tonnes in the same period a month ago.
Meanwhile, spot month December 2013 gained RM20 to RM2,582, January 2014 firmed RM24 to RM2,581, February 2014 rose RM24 to RM2,580 and March 2014 increased RM21 to RM2,580 a tonne.
Volume increased to 33,662 lots from 30,782 lots on Tuesday, while open interest rose to 183,372 contracts from 182,462 contracts previously.
On the physical market, December South gained RM30 to RM2,590 a tonne. -- BERNAMA
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