Business Times

2008/05/28

CPO FUTURES

CRUDE palm oil (CPO) futures prices on Bursa Malaysia Derivatives closed higher yesterday as soyoil markets began to rally amid weather concerns and an increasing crude oil price, dealers said.

They said US and China’s Dalian soybean oil markets gave support to CPO price.

“There is nothing much happening in the market. The fact is the weather and the rising demand have forced commodities prices to continue to rise over the week,” one of the dealers said.

As for the CPO contract prices, June 2008 increased RM42 to RM3,712 per tonne, July 2008 rose RM55 to RM3,725 per tonne, August 2008 added RM57 to RM3,730 per tonne and September 2008 went up RM63 to RM3,737 per tonne.

The day’s volume stood at 8,486 lots, down from Monday’s 8,638 lots, but open interest rose to 36,328 contracts from 36,278 contracts previously.

On the physical market, June South was higher at RM3,750 per tonne from RM3,700 recorded yesterday.

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