Crude palm oil (CPO) futures prices on Bursa Malaysia Derivatives closed higher yesterday for two consecutive days on short covering, dealers said.
They said although the market was quiet yesterday, demand has started to pick up on the back of supply shortage.
The Malaysia Palm Oil Board said CPO prices may rebound to RM1,800-1,900 per tonne soon, boosted by biodiesel initiative.
“The price is expected to go as higher as RM2,000 per tonne despite the gloomy economic climate,” it said.
February 2009 rose by RM19 to close at RM1,799 per tonne, March 2009 went up RM23 to RM1,791, April 2009 edged up RM9 to RM1,788 and May 2009 increased RM15 to RM1,795.
Total volume declined to 9,741 lots compared with 13,970 lots last Friday while open interests rose to 83,949 contracts from 83, 343 contracts previously.
On the physical market, CPO price for February rose RM20 to RM1,820 per tonne compared with RM1,800 per tonne last Friday.
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