CPO Futures Close Mostly Higher

CRUDE palm oil futures on Bursa Malaysia Derivatives rebounded to

close mostly higher yesterday prompted by stronger crude oil prices.

Dealers

said the market was technically oversold ahead of the release of a

prospective planting report on today by the US Department of

Agriculture.

The market was also awaiting March’s palm oil export

data to be released by cargo surveyors Intertek Testing Services and

Societe Generale de Surveillance for fresh directions.

“The market went down over the last few days, so it is bouncing back to

support levels – around RM2,500,” a trader with foreign brokerage in

Kuala Lumpur said.

Stronger crude capped losses in some

vegetable oil markets.

April 2010 added RM2 to RM2,591 per tonne,

May 2010 declined RM11 to RM2,542 a tonne, June 2010 rose RM25 to

RM2,545 and July 2010 increased RM5 to RM2,515 per tonne.

Overall,

volume increased to 19,557 lots, from 15,623 lots on Monday, while

open interest declined to 77,840 contracts from 79,209 contracts

previously.

On the physical market, April South added RM10 to

RM2,600 a tonne.

Source : Business Times

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