Crude palm oil (CPO) futures prices on Bursa Malaysia Derivatives closed higher yesterday following gains by soyoil, dealers said.
Soyoil and palm oil compete for similar export destinations and their prices often move in tandem.
“The market has also gone up as the palm oil export figures for June 1-25 released by cargo surveyors ‘showed some improvement’,” the dealers said. According to Intertek Testing Services, exports rose 3.9 per cent to 1,017,105 tonnes from the 979,377 tonnes shipped between May 1-25.
However, Societe Generale de Surveillance reported that exports declined 3.3 per cent to 983,345 tonnes from 1,016,709 tonnes previously.
July 2009 rose RM82 to RM2,362 per tonne, August 2009 increased RM87 to RM2,342 per tonne, September 2009 advanced RM86 to RM2,336 per tonne and October 2009 gained RM80 to RM2,335 per tonne.
Volume increased to 13,813 lots compared with the previous day’s 11,380 lots while open interests fell to 67,270 contracts from 68,421 contracts earlier.
On the physical market, June South increased to RM2,370 per tonne from RM2,290 per tonne previously.
Source :Business Times