Commodity Roundup: CPO futures market steadier
CPO FUTURES
Crude palm oil (CPO) futures prices on Bursa Malaysia Derivatives Bhd closed higher yesterday following the steadier soyaoil futures on the Chicago Board of Trade (CBOT), dealers said.
They said some of the traders stayed on the sidelines, anticipating good export figures for the July 1-31 period, which is due to be released by two major cargo surveyors today.
The market was also supported by the weakening of the ringgit as this encouraged strong interest from overseas buyers because it makes ringgit-based palm oil cheaper, a dealer said.
At close, August 2007 and September 2007 increased RM43 each to settle at RM2,723 per tonne and RM2,667 per tonne respectively.
October 2007 went up RM53 to settle at RM2,636 and November 2007 surged by RM66 to settle at RM2,621 per tonne.
Volume went down to 27,119 lots from 64,174 lots last Friday while open interest was higher at 66,096 contracts from 65,627 contracts previously.
On the physical market, August South increased to RM2,730 per tonne from RM2,690 last Friday.
