Palm Futures Up On Signs Of Growing Demand

Crude palm oil (CPO) futures prices on Bursa Malaysia Derivatives trimmed earlier losses to end higher yesterday after crude oil advanced in New York amid signs of rising demand, dealers said.

The crude oil price was hovering at US$75 (US$1.00 = RM3.26) per barrel, up from US$74 per barrel on Monday.

At the close yesterday, the July 2010 contract closed RM9 higher at RM2,449 per tonne, August 2010 added RM11 to RM2,395 per tonne, September gained RM13 to RM2,353 per tonne and October 2010 increased RM14 to RM2,335 per tonne.

Volume, however, dropped to 13,841 lots from 15,201 lots on Monday and open interest declined to 72,201 contracts from 73,512 contracts previously.

On the physical market, July South ended RM10 lower at RM2,430 per tonne.

Source: Business Times

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