Oil Palm Price on the increase

KUALA LUMPUR: Crude palm oil futures closed mostly higher yesterday on lower soyabean output and this pushed soyabean oil production down, said a dealer.

He said this attracted participants and reduced stocks.

Kenanga Deutsche futures dealer, Chan Chee Wei, said the South American weather was to blame for the lower soyabean output.

February 2013 lost RM17 to RM2,495 a tonne, March 2013 rose RM12 to RM2,540, April 2013 added RM7 to RM2,564 and May 2013 rose RM8 to RM2,584.

Turnover fell to 32,005 lots from 45,100 lots while open interest eased to 198,360 contracts from 213,363 recorded previously.