CPO Futures Higher on Stronger Oil Price

PRICES of crude palm oil (CPO) futures contracts on Bursa Malaysia Derivatives ended higher yesterday on the back of stronger crude oil price, said a dealer. Oil prices broke above US$78 a barrel yesterday in Asia as Hurricane Ida threatened oil installations in the Gulf of Mexico. “The flood in the east coast also supported the jump in price,” he said.

Traders meanwhile are anticipating a bearish report for the month of October from the Malaysian Palm Oil Board (MPOB), which is due today, he said. At close on the CPO futures contracts market, November 2009 jumped RM31 to RM2,200 per tonne, December 2009 rose RM35 to RM2,250 per tonne, January 2010 increased RM20 to RM2,266 per tonne and February 2010 went up RM17 to RM2,285 per tonne. Turnover widened to 9,955 lots from 9,137 lots last Friday and open interest jumped to 94,014 contracts from 93,667 contracts previously. On the physical market, November South stood at RM2,200 per tonne. Source : Business Times

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