KUALA LUMPUR: Crude palm oil futures closed higher yesterday on expectation of higher demand from China, dealers said.
They said data showing increased production of soybean oil in the US had provided optimism that China will raise demand for vegatable oil which will support palm oil.
January 2013 added RM7 to RM2,197 a tonne, February 2013 rose RM5 to RM2,280, March 2013 added RM4 to RM2,350 and April 2013 gained RM2 to RM2,410.
Turnover fell to 30,806 lots from 44,840 lots while open interest slipped to 184,967 from 197,356 contracts.
On the physical market the price of January South fell to RM2,160 a tonne from RM2,180 previously.
Source : Business Times
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