KUALA LUMPUR: Crude palm oil (CPO) futures prices on Bursa Malaysia Derivatives rallied higher buoyed by the weaker ringgit against the US dollar, dealers said.
“Malaysia’s stocks remain lower, year-on-year, and if November’s output registers negative growth and stocks trend flat to lower, then CPO futures could sustain gains above RM2,500 a tonne till year-end,” said Philip Futures Sdn Bhd Derivative Product Specialist David Ng.
Meanwhile, spot month November 2013 rose RM57 to RM2,589, December 2013 appreciated RM67 to RM2,597, January 2014 firmed RM71 to RM2,599 and February 2014 increased RM70 to RM2,601 a tonne.
Source : Business Times
