Palm Futures Rebound From Monday's Big Fall

CRUDE palm oil (CPO) futures prices on Bursa Malaysia Derivatives ended higher yesterday on price adjustment after Monday’s big fall, dealers said. “It is an adjustment in an oversold condition,” one of the dealers said, adding that fundamentals remained weak as export figures for the first 15 days of September is projected to be around 529,980 tonnes, down from 665,314 tonnes in August. At the close, the CPO futures for September 2009 added RM33 to RM2,174, October 2009 rose RM38 to RM2,149, November 2009 jumped RM30 to RM2,100 and December 2009 increased RM26 to RM2,090.

Volume dropped to 15,663 lots from 16,958 on Monday but open interest increased to 88,689 contracts from 86,315 contracts previously. On the physical market, September South declined to RM2,160 per tonne from RM2,170 per tonne on Monday. Source : Business Times

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