Crude Palm Oil Ends Higher; May Trade Sideways

Kamis, 28 Maret 2013 | 16:38

Crude Palm Oil Ends Higher; May Trade Sideways

Crude Palm oil futures on Malaysias derivatives exchange end higher, with some investors covering short positions after prices rise briefly above the key psychological level of MYR2,400/ton.

Modest buying interest in the physical market and expectations for lower end-March palm oil stocks also helped lift prices, a physical market broker in Kuala Lumpur says; he tips the market to trade sideways between MYR2,380/ton and MYR2,420/ton in the near term, ahead of March crop data expected Wednesday from industry regulator MPOB.

Benchmark June CPO ends 1.7% higher at MYR2,400/ton.