February 14, 2009 0:01 GMT+8Crude palm oil (CPO) futures prices on Bursa Malaysia Derivatives closed firmer yesterday on the back of expectations that India would import more palm oil from Malaysia, dealers said.
India was Malaysia’s fifth largest export destination for palm oil last year, after China, the European Union, Pakistan and the United States. Malaysia’s export of palm oil and palm oil products to India was valued at RM2.89 billion in 2008. Malaysia’s CPO exports also rose steadily to 900,000 metric tonnes last year from 500,000 metric tonnes in 2007.
“The CPO market yesterday was also influenced by the strength of its rival, soyoil,” dealers said. At close, the contract month for February 2009 rose RM25 to settle at RM1,995 per tonne and March 2009 added RM72 to RM2,012 per tonne. The CPO futures for April 2009 increased RM67 to RM1,995 per tonne and May 2009 advanced RM79 to RM1,994 per tonne.
Yesterday’s volume went up to 15,176 lots compared with Thursday’s 10,276 lots while open interests fell to 82,465 contracts from 83,759 contracts previously. On the physical market, the CPO price for February South rose to RM2,020 per tonne from RM1,980 per tonne previously.
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