PRICES of crude palm oil futures on Bursa Malaysia Derivatives rose sharply yesterday on short-covering after a two-day break, a dealer said.

“The market is expecting a favourable data and this provided a boost to the local market,” she said.

February 2012 added RM58 to RM3,110 a tonne, March 2012 gained RM76 to RM3,158, April 2012 advanced RM70 to RM3,155 and May 2012 rose RM69 to RM3,149.

Turnover fell to 19,683 lots from 22,720 lots recorded last Friday while open interest was higher at 112,491 contracts from 111,281 on Friday.

On the physical market, February South increased RM50 to RM3,140 from RM3,090 a tonne last Friday.

Source: Business Times