KUALA LUMPUR: Crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives closed sharply higher yesterday with buying interest from India and Pakistan.

Middle Eastern buyers were also in the market buying up physical palm oil, a dealer said.

Spot month September 2012 rose RM38 to RM2,898 a tonne, October 2012 increased RM18 to RM2,928 a tonne, November 2012 added RM20 to RM2,962 a tonne and December 2012 gained RM9 to RM2,985 a tonne.

Volume increased to 32,367 lots from 30,017 lots previously, while open interest rose to 143,930 contracts from 143,003 contracts on Thursday.

On the physical market, September South closed RM60 higher at RM2,900 a tonne. Bernama

Source : Business Times