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CPO futures prices rebound to close higher

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CPO futures prices rebound to close higher Empty CPO futures prices rebound to close higher

Post by Cals Fri 13 Jun 2014, 02:39

CPO futures prices rebound to close higher
Business & Markets 2014
Written by Bernama   
Thursday, 12 June 2014 20:21

KUALA LUMPUR (June 12): Crude palm oil (CPO) futures prices on Malaysia Derivatives Exchange rebounded to close higher today, on the back of strong performance of soybean oil prices on the Chicago Board of Trade.

Phillip Futures Sdn Bhd Derivative Product Specialist, David Ng, told Bernama that the market was bullish on firmer crude oil performance, due to escalating tension in Iraq, which also supported the CPO prices.

Palm oil stocks in Malaysia, the world's second-largest producer, have continuously increased since March and stood at 1.84 million tonnes at end-May.

The market players were anticipating stocks to hit the two million-tonne mark in September, as production increases ahead of sluggish global demand, said another dealer.

At close, June 2014 increased RM10 to RM2,390, July 2014 added RM25 to RM2,411, August 2014 advanced RM24 to RM2,403, and September 2014 rose RM23 to RM2,400 per tonne.

Volume eased to 26,698 lots, from 27,661 lots on Wednesday, while open interest fell to 181,854 contracts, from 205,339 contracts yesterday.

On the physical market, June South added RM30 to RM2,430 per tonne.
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