Palm Futures Hit 3-Week High


palm oil (CPO) futures prices hit a three-week high yesterday as market

players took up positions ahead of the Hari Raya Aidilfitri holidays,

dealers said.

They said market talk of a strong Chinese demand for vegetable oils spurred volume.

A dealer said the likelihood of a lower-than-expected US soyabean crop also fuelled the rise in the price.

September 2010 contract increased by RM44 to close at RM2,739 per tonne,

October 2010 rose RM46 to RM2,670, November 2010 went up RM50 to

RM2,620 and December added RM48 to RM2,612.

Turnover increased to 14,090 lots from 10,997 lots last Friday.

Open interest declined to 67,081 contracts from 69,764 previously.

On the physical market, September South added RM30 to RM2,750 per tonne.

Source : Business Times

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