CRUDE palm oil (CPO) futures contracts on Bursa Malaysia Derivatives closed higher yesterday on active short-covering.
Dealers
said the market for the commodity was tight due to the lower stocks,
which in turn were caused by lower production of palm oil amid growing
orders from China and India.
“Some importers are resuming
purchases after staying on the sidelines in the past few weeks to take
advantage of the slump in CPO prices,” a dealer said.
March 2011 rose RM59 to RM3,609 a tonne, April 2011 increased RM69 to
RM3,578, May 2011 jumped RM74 to RM3,546 and June 2011 chalked up RM69
to RM3,528
