CPO End Mixed

CRUDE palm oil (CPO) futures on Bursa Malaysia Derivatives closed

mixed yesterday on lack of strong buying, dealers said.

The

release of higher export figures for the first 20 days of March by cargo

surveyor Intertek Testing Services (ITS) had provided buying interest

in the morning session.

However, unfavourable palm oil export

data released by cargo surveyor SGS in afternoon session capped the

earlier gains.

According to ITS, palm oil exports for March 1-20 rose 3.4 per cent to

873,931 tonnes from 844,865 shipped in the same period last month.

SGS

meanwhile reported that exports of palm oil for the same period fallen

2.4 per cent to 844,474 from 865,593 tonnes in February.

Meanwhile,

Interband Group’s Senior Palm Oil Trader said the CPO futures market

was firm as investors were bullish on the prospects for the Malaysian

economy.

“The current prices are still attractive,” he said.

April 2010 rose RM15 to RM2,635 and May 2010 added RM7 to RM2,590 but

June and July 2010 fell RM7 each to RM2,570 and RM2,558 respectively.

Overall volume fell to 12,691 lots from 15,432 lots last Friday

while open interest eased to 79,157 from 81,225 contracts previously.

On the physical market, April South stood at RM2,630 .

Source : Business Times

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