CPO futures prices rebound on stronger soybean market

26 AUGUST 2014

Crude palm oil (CPO) futures prices rebounded to close higher yesterday propped up by the strong gain on Chicago soybean market.

Phillip Futures derivative product specialist David Ng said the news would provide a fresh catalyst for traders to drive up prices after having experienced a long bearish market recently.

Spot month September 2014 was up RM28 to RM2,049 a tonne,

October 2014 rose RM37 to RM2,030 a tonne,

 November 2014 gained RM31 to RM2,030 a tonne and

 December 2014 increased RM30 to RM2,053 a tonne.

Volume rose to 60,811 lots from 48,181 lots on Friday while open interest increased to 309,727 contracts from 294,549 contracts previously.

On the physical market, September South was RM30 higher at RM2,060 a tonne from RM2,030 a tonne on Friday. 

Bernama