Palm Futures Advance on Late Buying

CRUDE palm oil (CPO) futures prices on Bursa Malaysia Derivatives

closed higher yesterday on late buying, dealers said.

They said

the market started the day on weak note as players were worried about

uncertainties in the global market following the renewed euro debt

crisis.

However, recovery in soyoil prices during Asian trading

hours and a slight rise in June export data provided some support to the

market, they added.

Cargo surveyor Intertek Testing Services reported that Malaysian palm

oil exports for June 2010 rose 1.5 per cent to 1.35 million tonnes from

1.33 million tonnes recorded in May 2010.

Another cargo surveyor,

Societe Generale de Surveillance, said Malaysian palm oil exports for

June rose 1.2 per cent to 1.34 million tonnes from 1.32 million tonnes

shipped in the previous month.

At close of trading, July 2010

declined RM10 to RM2,425 per tonne while August 2010 added RM1 to

RM2,392 per tonne.

September 2010 rose RM7 to RM2,373 per tonne

and October 2010 gained RM3 to RM2,353 per tonne.

Turnover

increased to 15,164 lots from 15,008 lots Tuesday while open interest

declined to 74,789 contracts from 74,972 contracts previously.

On

the physical market, July South stood unchanged at RM2,450 per tonne.

Source : Business Times

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