CRUDE palm oil futures contracts on Bursa Malaysia Derivatives closed higher on supply concerns yesterday, dealers said.

They said the positive outlook for the industry in line with growing demand worldwide would continue to boost market confidence and support prices.

Spot month August rose RM41 to RM3,100, after trading between RM3,093 and RM3,139 a tonne. September 2012 increased RM49 to RM3,114 and October 2012 added RM57 to RM3,122 a tonne.

Volume declined to 29,738 lots from 33,372 lots last Friday while open interest decreased to 107,969 contracts from 124,589 contracts previously.

On the physical market, July South appreciated RM30 to RM3,110 a tonne.

Source : Business Times

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