KUALA LUMPUR: The crude palm oil futures closed sharply higher yesterday on expectations of stronger demand from China and tight supply, dealers said.
They said it also comes on the heels of damage to the soyabean crop following the recent drought in the US, which has affected the global supply of vegetable oils.
March 2012 gained RM15 to RM3,234 a tonne, April 2012 gained RM23 to RM3,260, May 2012 rose RM23 to RM3,268 and June 2012 added RM26 to RM3,270.
Volume slipped to 21,097 lots from 30,764 while open interest fell to 120,493 contracts from 125,552 previously.
On the physical market, March South settled at RM3,230, the same level achieved on Monday.
Source: Business Times
