Malaysian palm oil futures edged higher on Friday to 2,170, due to crude oil rebounding from a 27 month low, as well as recovering soybean prices caused by heavy rain which slowed down the speed of harvesting across the US Midwest, according to Reuters. Futures Crude Palm Oil (FCPO) benchmark for December 2014 contract settled at 2,170 which was down seven points or 0.32 per cent from 2,177 last Friday. Trading volume decreased to 159,166 contracts from a total of 201,564 contracts last Monday to Thursday. Open interest based on increased to 1.06 million contracts from 1.03 million contracts from last Monday to Thursday. Cargo surveyor, ITS reported that exports of Malaysia’s palm oil products for September increased 16.3 per cent to 1.498 million compared to 1.288 million during August. Overseas demand was strong from the EU, China, and the rest of Asia as overseas buyers took advantage of the removal of export duty. SGS’s report showed that Malaysia’s palm oil export climbed 16.5 per cent to 1.494 million in September compared with 1.283 million during August.
Posted on: Tue, 07 Oct 2014 09:47:01 +0000
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