CPO Futures Rise on Export Recovery Hopes

CRUDE palm oil futures prices on Bursa Malaysia Derivatives ended higher yesterday on hopes of a recovery in exports this month, dealers said. They said despite the weak crude oil market sentiment, traders took positions in anticipation of a recovery in September exports. Cargo surveyors, Intertek Testing Service and Societe Generale de Surveillance, will unveil Malaysian palm oil export figures from Aug. 1 to Aug. 10 on Sept. 13.

Meanwhile, Malaysian Palm Oil Board is expected to release the data on Aug. palm oil stocks, production and exports on September 15 2010 rose RM9 to close at RM2,748 a tonne, October 2010 rose RM11 to RM2,681 and November 2010 gained RM8 to RM2,628. However, December 2010 was RM4 lower at RM2,608. Total volume fell to 18,489 lots from 14,090 lots prevoiusly and open interests decreased to 65,404 contracts from 67,81 previously. On the physical market, September South was unchanged at RM2,750. Source : Business Times

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