Crude palm oil (CPO) futures prices on Bursa Malaysia Derivatives ended higher yesterday, spurred by firmer soy oil prices, dealers said.The local palm oil market usually moves in tandem with the US soy oil market as both compete for the same export destinations.
“The better-than-expected export figures released yesterday and lower palm oil production has also helped lift prices,” a dealer said.
Cargo surveyor, Intertek Testing Services had estimated that exports of Malaysian palm oil products for the first 15 days of March rose 16.18 pc to 591,567 tonnes from the 509,200 tonnes shipped in February 1-15.
At the close, the benchmark third month June 2009 contract went up RM20 to settle at RM1,922 per tonne. CPO futures for April 2009 rose RM22 to RM2,030 per tonne, May 2009 gained RM37 to RM1,982 per tonne and July 2009 climbed RM12 to RM1,875 per tonne.
The day’s turnover stood higher at 15,564 lots compared to the 15,293 lots transacted on Monday while open interests declined to 89,196 contracts from 89,686 contracts previously.
In the spot market, March South remained at RM3,050 per tonne.
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