Commodity Roundup: CPO futures near 4-month high
Business Times
Tuesday - September 25, 2007
CPO FUTURES
Crude palm oil (CPO) futures prices on Bursa Malaysia Derivatives Bhd closed at a near four-month high yesterday, boosted by strong soyaoil prices on the Chicago Board of Trade, dealers said.
The benchmark third-month contract, Dec 2007, settled RM69 higher at RM2,675 per tonne.
Among other contracts, Oct 2007 surged RM64 to RM2,685 per tonne, Nov 2007 went up RM39 to RM2,680 and Jan 2008 climbed RM70 to RM2,670.
“The market ended in a bullish trend today because of higher soyoil prices,” a dealer said, noting that the forecast by top industry analyst Dorab Mistry, that global palm oil prices may touch RM3,000 per tonne in the near term, had also provided support to the CPO prices.
At close, overall volume stood at 14,667 lots, up from last Friday’s 12,653 lots, while open interest fell to 50,168 contracts versus 52,058 contracts previously.
On the physical market, October South stood at RM2,710 per tonne compared with September South at RM2,660 per tonne last Friday.
