Gains in Commodities Boosts Palm Futures

Crude palm oil (CPO) futures prices on Bursa Malaysia Derivatives closed higher yesterday, boosted by gains in commodities, over hopes that the global economy is recovering, dealers said.

“Expectations of tight global vegetable oil stocks and strengthening demand during the Ramadan month in Asia, is keeping prices supported,” a dealer said.

The dealer said that the CPO market was also seeing positioning ahead of the August 12 release of the 2009 forecast for corn and soybean crops by the US Department of Agriculture.

At close, the CPO futures for August 2009 rose RM66 to RM2,340 a tonne, September 2009 increased RM110 to RM2,315, October 2009 gained RM106 to RM2,295 and November 2009 added RM103 to RM2,287.

Volume was at 14,122 lots with open interests of 83,906 contracts.

On the physical market, August South was higher at RM2,350 per tonne from last Friday’s RM2,280. Source : Business Times

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