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CPO futures close at 14-month high

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CPO futures close at 14-month high Empty CPO futures close at 14-month high

Post by Cals Thu 21 Nov 2013, 22:42

CPO futures close at 14-month high
Business & Markets 2013
Written by Bernama   
Thursday, 21 November 2013 19:59
KUALA LUMPUR (Nov 21): Crude palm oil (CPO) futures prices on Bursa Malaysia Derivatives climbed to a 14-month high today, on expectations of lower output, a dealer said.

Phillip Futures Sdn Bhd Derivative Product Specialist David Ng said the wet weather condition in Indonesia — the largest producer of palm oil — would delay harvesting, and result in lower CPO output.

"The weakening of the ringgit is also seen supporting the CPO prices, however, the slower pace of China's palm oil imports may limit upside, as China Customs reported a 35 per cent decline in year-on-year palm oil import," he told Bernama.

Meanwhile, spot month December 2013 gained RM71 to RM2,653 a tonne, January 2014 firmed RM71 to RM2,652, February 2014 rose RM73 to RM2,653, and March 2014 increased RM72 to RM2,652. 

Volume increased to 45,262 lots from 33,662 lots on Wednesday, while open interest rose to 194,158 contracts, from 183,372 contracts previously.

On the physical market, December South gained RM60 to RM2,650 a tonne.
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