PalmoilHQ China’s buying interest boosts crude palm oil futures

February 11, 2009 3:00 GMT+8 CRUDE palm oil (CPO) futures prices on Bursa Malaysia Derivatives ended higher yesterday due to buying interest from China and despite grim export data released by cargo surveyors, a dealer said.

He noted that China’s intention to place an order after the long holiday, helped lift the CPO market. “The market was generally steadier as players were in a buying mood amid the current supply shortage,” he said.

Meanwhile, cargo surveyor Societe Generale de Surveillance said exports of Malaysian palm oil products from February 1-10 dropped 3.1 per cent to 372,782 tonnes from 384,842 tonnes shipped between the same period in January.

Another cargo surveyor, Intertek Testing Services reported a 15 per cent fall to 332,081 tonnes from 392,067 previously.

At close, the contract month for February 2009 surged RM120 to settle at RM2,045 per tonne, March 2009 climbed RM100 to RM1,999 per tonne, April 2009 rose RM89 to RM1,969 per tonne and May 2009 increased RM75 to RM1,962 per tonne.