Palm Futures Firmer in Technical Correction

CRUDE palm oil (CPO) futures prices closed higher in a technical

correction yesterday after a bearish trend yesterday, dealers said.

“Much

of these buy backs were due to market players taking note of the firmer

export data but still price rally seems to be curbed by risk appetite

given the euro zone debt crisis,” a dealer said.

June 2010 jumped

RM12 to settle at RM2,517 a tonne, July 2010 and August 2010 gained

RM16 each to RM2,488 and RM2,452 while September 2010 rose RM6 to

RM2,427.

Trading volume dived to 14,782 lots from 15,681 on Tuesday while open

interest was higher at 70,166 contracts from 68,481 previously.

On

the physical market, June South rose to RM2,560 a tonne from RM2,550 on

Tuesday.

Source : Business Times

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