KUALA LUMPUR: Crude palm oil futures (CPO) contracts closed firmer yesterday on rising demand, but gains were capped by higher stocks, a dealer said.
Malaysia’s palm oil stocks rose 5.81 per cent to 2.12 million tonnes in August from two million tonnes in July.
Interband Group of Companies senior palm oil trader, Jim Teh, said for this week the futures price would trade between RM2,700 and RM2,800 per tonne.
“The market is expected to see more physical buying. That could help reduce the stocks, currently at almost two million tonnes,” he said.
September 2012 rose RM15 to RM2,824 a tonne, October 2012 added RM20 to RM2,885, November 2012 was RM10 higher at RM2,937 and December 2012 edged up RM14 to RM2,978.
Source : Business Times
