Mixed Close for CPO Futures

CRUDE palm oil futures prices on Bursa Malaysia Derivatives ended mixed yesterday, with the benchmark November contract settling RM7 higher at RM2,542 per tonne. A dealer said despite the lack of direction, the market strong’s fundamentals remained intact on expectation of positive demand for the vegetable oil in the following months. “Concerns over weak production in the coming weeks as most plantation workers take leave for the long Muslim holiday and that rain will disrupt output in Indonesia and Malaysia will lift the market in the near-term,” he added.

At close, September 2010 dipped RM5 to settle at RM2,690 while October 2010 fell RM3 to RM2,590. Meanwhile, December 2010 was RM11 higher at RM2,535 per tonne. Total volume rose to 16,794 lots from 15,539 lots Wednesday while open interest decreased slightly to 66,548 contracts from 66,585 contracts previously. On the physical market, September South was up RM30 at RM2,710 per tonne from Wednesday’s RM2,680 per tonne. Source : Business Times
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