KUALA LUMPUR: Positive market sentiment on the back of encouraging Malaysian palm oil export data pushed crude palm oil futures contracts to close higher yesterday.

Phillip Futures product specialist David Ng said the demand had improved as importers were stocking up supply ahead of Ramadan which starts at end-June, when consumption usually goes up.

June 2014 rose RM18 to RM2,662 a tonne, both July 2014 and August 2014 added RM20 each to RM2,627 and RM2,614 a tonne, respectively, while September 2014 gained RM21 to RM2,605 a tonne.

Turnover fell to 29,706 lots from 32,399 lots, while open interest was higher at 211,953 contracts against 210,019 previously.

On the physical market, May South added RM5 to RM2,665 a tonne. Bernama

Source : New Straits Times