Palm Prices Higher on Short Covering

Crude palm oil (CPO) futures prices on Bursa Malaysia Derivatives closed higher yesterday on short covering ahead of the long weekend holidays, dealers said.

They said that most of the traders tried to unwind some positions, a normal practice ahead of long weekend.

“The long weekend holidays were seen driving the short-covering exercise. There was no follow-through buying,” said one of the dealers.

At the close yesterday, the CPO futures for October 2009 increased RM21 to RM2,231 per tonne, November 2009 added RM10 to RM2,200 per tonne, December 2009 rose RM8 to RM2,190 per tonne and January 2010 gained RM28 to RM2,210 per tonne.

Volume increased to 13,522 lots from to 12,959 lots Thursday while open interest rose to 88,636 contracts from 88,367 contracts previously.

On the physical market, September South was higher at RM2,250 per tonne from Thursday’s closing of RM2,230 per tonne. Source : Business Times

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