KUALA LUMPUR: Crude palm oil futures contracts closed higher yesterday on the back of better expectation of export performance, owing to seasonal demand ahead of the Ramadan fasting month.

Phillip Futures product specialist David Ng, however, said the upside could be capped by stronger production numbers and higher inventories.

May 2014 and June 2014 rose RM22 each to RM2,672 a tonne and RM2,644 a tonne, respectively, July 2014 gained RM14 to RM2,607 a tonne and August 2014 improved RM19 to RM2,594 a tonne.

Turnover rose to 32,399 lots from 24,262while open interest was up at 210,019 contracts versus 202,706 previously.

On the physical market, May South added RM10 to RM2,660 a tonne. Bernama

Source : New Straits Times