Commodity Roundup: CPO futures close higher
Business Times
Thursday - December 06, 2007
CPO FUTURES
Crude palm oil futures prices on Bursa Malaysia Derivatives Bhd closed higher yesterday in tandem with the higher crude oil prices, a dealer said.
He said the crude oil prices increased overnight in the wake of the Organisation of Petroleum Exporting Countries’ decision to keep output levels unchanged.
Any changes in crude oil prices affect palm oil prices as the latter can be used as a component in biodiesel, an alternative for the more expensive fossil fuel.
At close yesterday, Dec 2007 rose RM6 to settle at RM2,886 a tonne and Jan 2008 added RM21 to RM2,903.
Feb 2008 went up RM21 to RM2,910 and March 2008 gained RM18 to settle at RM2,909 per tonne.
Volume increased to 12,863 lots from 10,017 lots on Tuesday while open interest rose to 42,671 contracts from 42,308 contracts previously.
On the physical market, Dec South edged down to RM2,920 per tonne from RM2,930 on Tuesday.
