CPO Futures Rise on Fresh Buying

CRUDE palm oil (CPO) futures prices on Bursa Malaysia Derivatives closed higher yesterday backed by fresh buying, dealers said.

They said a rally in global vegetable oil markets including corn and soyabeans boosted buying interest in the CPO futures.

“Soyoil prices on the Dalian Commodity Exchange traded higher

yesterday as investors took up positions ahead of China’s long holiday

for the mid-autumn festival,” a dealer said.

At the close, October 2010 rose RM70 to RM2,772 a tonne, November 2010

increased RM75 to RM2,720 a tonne, December 2010 gained RM81 to RM2,708

a tonne and January 2011 advanced RM87 to RM2,707 a tonne.

Total volume, however, declined to 15,407 lots from 19,046 lots last

Friday while open interests eased to 67,834 contracts from 68,199

contracts previously.

On the physical market, October South stood at RM2,780 a tonne.

Source : Business Times

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