March 27, 2009 2:30 GMT+8 Crude palm oil(CPO) futures prices on Bursa Malaysia Derivatives ended sharply higher yesterday, hitting its highest level in nearly six months on lower stocks and stronger crude oil prices, dealers said.“The market has rebounded after two consecutives days of losses as investors re-entered the market on improved sentiment,” a dealer said.
He said the firmer soyaoil prices had also helped boost buying interest in the local CPO market.
“Sentiment is positive and thus likely to sustain prices above the RM2,000 level in the near future,” the dealer added.
At close, the CPO futures for both April 2009 and May 2009 contracts surged RM68 each to settle at RM2,130 and RM2,070 per tonne respectively.
The contract month for June 2009 climbed RM63 to RM2,035 per tonne and July 2009 went up RM71 to RM2,019 per tonne.
A total turnover of 15,507 lots were transacted today, up from Wednesday’s 11,164 lots while open interests fell to 90,801 contracts from 91,579 contracts previously.
On the physical market, April South was traded higher at RM2,150 per tonne compared with RM2,110 per tonne on Wednesday.
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