Crude palm oil (CPO) futures prices on Bursa Malaysia Derivatives closed mostly higher today, recovering from its earlier losses at mid-day, dealers said.
They said the market during the morning session reacted to the sharp decline in share prices on Wall Street overnight on fears of a deepening global financial crisis.
“However, some short covering with buyers covering their positions in the afternoon session helped to stabilise prices,” one of the dealers said.
Prices are expected to move within the range of RM1,800 to RM1,900 per tonne tomorrow with buyers watching the export data to be released by market analysts tomorrow, he said.
At closing, March 2009 increased RM20 to RM1,910 per tonne, April 2009 rose RM19 to RM1,885 per tonne, May 2009 declined RM9 to RM1,871 per tonne, June 2009 gained RM10 to RM1,860 per tonne and January 2010 rose RM105 to RM1,945 per tonne.
Turnover was higher at 13,476 lots compared with 12,382 lots yesterday while open interest went up to 84,327 contracts from 83,192 contracts previously.
On the physical market, March South was lower at RM1,920 per tonne from RM1,930 per tonne previously.
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