Palm Futures Close on Bullish Note

CRUDE palm oil (CPO) futures prices on Bursa Malaysia Derivativesended on bullish note yesterday in thin trading, dealers said. They said this was in line with the steady soya oil prices. A dealer, however, said the uptrend was limited as most traders was not in the market at the moment. Interband group’s senior trader, Jim Teh, said there was no volume as the buyers were unwilling to pay at the current high prices.

“There are no major developments in the market and speculators are to be blamed for the higher prices,” he said. Another dealer said traders were waiting for good news from he three-day Indonesian Palm Oil Conference and Price Outlook 2010 starting yesterday which would see analysts like Dorab Mistry, Thomas Mielke and James Fry sharing their views on the industry. Spot month December 2009 increased RM19 to RM2,455 a tonne and January 2010 rose RM32 to RM2,482.
February 2010 added RM23 to RM2,495 and March 2010 went up RM26 to RM2,496. Volume fell to 14,347 lots from 17,257 on Monday. Open interest, however, rose to 91,125 contracts from 91,006 on Monday. On the physical market, December South rose to RM2,440 per tonne from RM2,430 on Monday. Source : Business Times

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