CPO Futures Rise on Strong Buying

CRUDE palm oil (CPO) futures on Bursa Malaysia Derivatives closed higher yesterday on strong buying, dealers said.

They said the
positive palm oil export figures for March 1-25 also boosted buying
sentiment in the market.

Cargo surveyor Intertek Testing Services
reported that Malaysian palm oil exports for March 1-25 rose 2.3 per
cent to 1.114 million tonnes from the 1.089 million tonnes recorded in
the same period last month.

Another cargo surveyor, Societe Generale de Surveillance said Malaysian
palm oil exports for the first 25 days of March 2010, increased 2.1 per
cent to 1.125 million tonnes from 1.102 million tonnes previously.

April 2010 and May 2010 climbed RM22 each to RM2,634 a tonne and
RM2,599 respectively while June 2010 increased RM15 to RM2,575 and July
2010 added RM12 to RM2,558.

Turnover, however, declined to
10,656 lots from 13,662 lots yesterday while open interests increased to
78,414 contracts from 77,953 previously.

On the physical
market, April South increased to RM2,640 a tonne from RM2,610 a tonne
previously.

Source : Business Times

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