Palm Up on Speculative Buying

Crude palm oil futures prices on Bursa Malaysia Derivatives closed higher yesterday on speculative buying, dealers said.

They said the lower export data for September 1 to 10 failed to push the prices downwards as short covering and speculative buying interest kept prices up instead.

Cargo surveyor, Intertek Testing Services, announced that palm oil export for September 1 to 10 fell 14.5 per cent to 313,282 tonnes from 366,352 tonnes in the same period last month.

Malaysian Palm Oil Board yesterday reported that palm oil production for August was up by 6.22 per cent to 1.415 million tonnes from 1.332 million tonnes in July.

At close, the CPO futures for September 2009 rose RM21 to RM2,250 a tonne, October 2009 increased RM15 to RM2,230 per tonne, November 2009 added RM5 to RM2,184 per tonne and December 2009 edged up RM6 to RM2,171 per tonne.

Volume increased to 18,321 lots from 13,711 lots Wednesday while open interests declined to 85,619 contracts from 86,270 contracts previously.

On the physical market, September South increased to RM2,270 per tonne from RM2,240 per tonne previously. Source : Business Times

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