Business Times

Friday, August 22, 2008

CPO FUTURES

CRUDE palm oil (CPO) futures prices on Bursa Malaysia Derivatives closed higher for the second consecutive day yesterday, riding on the back of the rising crude oil and soyaoil prices overnight.

Crude oil price rose to US$116 yesterday on geopolitical tension between Russia and Poland.

The high oil price was lending support to the global vegetable oil market, including palm oil, a dealer said.

The strain between Russia and Poland came about after a missile deal between the US and Poland.

Russia is the world’s second-largest oil exporter.

September 2008 gained RM80 to end at RM2,645, October 2008 added RM80 to RM2,650, November 2008 rose RM62 to RM2,653 and December 2008 advanced by RM62 to RM2,652 per tonne.

Volume fell to 11,652 lots from 13,040 lots on Wednesday. Open interests, however, rose to 53,416 contracts from 52,858 contracts previously.

On the physical market, August South went up to RM2,670 from RM2,600 per tonne.

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