CRUDE palm oil (CPO) futures on Bursa Malaysia Derivatives closed sharply higher yesterday following the lower prices the last two days, dealers said.

However, the market was not very active the whole day, as most players sidelined, opting to wait for the August data from the Malaysian Palm Oil Board. The data is expected to be released on September 12.

At yesterday’s close, September contract gained RM40 to RM3,140, October rose RM51 to RM3,089, November increased RM57 to RM3,042 and December was RM56 higher at RM3,031.

Turnover declined to 16,192 lots from 23,014 lots on Tuesday while open interest rose to 133,068 contracts from 131,127 contracts. On the physical market, September South climbed to RM3,140 per tonne from RM3,110 per tonne on Tuesday. – Bernama

Source: Business Times