Crude palm oil (CPO) futures prices on Bursa Malaysia Derivatives closed higher yesterday as market players expect good news from a palm oil conference next week, a dealer said.
The Palm & Lauric Oil Conference and Exhibition will see industry experts give their views on commodity prices, he said. “Buyers are waiting for market-moving news from the conference scheduled to start next Wednesday,” the dealer added. He added that the uptrend today was also in line with the soyoil market and steady crude oil prices.
At the close of trading, March 2009 added RM70 to settle at RM2,070 pertonne and April 2009 rose by RM45 to RM1,995 per tonne. May 2009 increased by RM34 to settle at RM1,940 per tonne while June 2009 appreciated by RM37 to close at RM1,916 per tonne.
The day’s volume ended slightly lower at 13,716 lots compared to 13,843 lots yesterday while open interests dropped to 87,358 contracts from 89,226 contracts previously. On the physical market, March South stood at RM2,070 per tonne, higher from the RM2,000 recorded on Thurday.
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