Crude palm oil (CPO) futures contracts on Bursa Malaysia Derivatives closed higher today, on news that China's physical market had bought refined palm products from the open market.
"At the same time, China's physical market is also in the midst of stocking
up inventories, especially after the Lunar New Year celebrations recently.
"This shows a good sign to the market as China is the world's largest CPO consumer," Phillip Futures Sdn Bhd derivatives product specialist David Ng told Bernama.
At the close, April 2015 gained RM15 to RM2,210 a tonne, May 2015 added RM11 to RM2,212 a tonne, June 2015 increased RM12 to RM2,205 a tonne and July 2015 grew RM13 to RM2,194 a tonne.
Volume fell 55,578 lots from 59,533 lots yesterday, while open interest dropped to 231,939 contracts from 244,371 contracts previously.
On the physical market, April South improved RM10 to RM2,220 a tonne. – Bernama, March 19, 2015.
