Palm Futures Climb Ahead of Hari Raya

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

ended higher yesterday on active trade ahead of the upcoming Hari Raya

Aidil Fitri.

A dealer said demand for palm oil especially from

Muslim countries had gone up in the last few weeks as they accumulated

stocks in preparation for the festival due next week.

At close,

the September 2010 contract increased RM32 to close at RM2,720 per

tonne, October 2010 rose RM11 to RM2,615 per tonne, November 2010 went

up RM28 to RM2,570 per tonne and December added RM37 to RM2,562 per

tonne.

Turnover, however dropped to 11,614 lots from 12,062 lots last Friday

while open interest declined to 66,192 contracts from 68,853 contracts

previously.

On the physical market, September South added RM20

to be at RM2,740 per tonne. The market will be closed today for the

Merdeka celebration.

The dealer said a cautious trading is

expected when the market reopens tomorrow as investors await the August

palm oil exports data from cargo surveyors, Intertek Testing Services

and Societe Generale de Surveillance, later this week.

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