April 15, 2009 3:00 GMT+8 Crude palm oil futures prices on Bursa Malaysia Derivatives ended sharply higher yesterday on expectation of further drop in stockpile this month.
A dealer said the April inventory was expected to be below 1.2 million tonnes against 1.36 million tonnes recorded last month.
He said investors are looking forward for the first 15 days data to be released today for a new direction.
“Both cargo surveyors will release their figures tomorrow which are expected to be good,” the dealer said yesterday.
Cargo surveyor Intertek Testing Services last Friday announced exports in the first 10 days of April rose eight per cent to 399,703 tonnes from 369,265 tonnes shipped during the same period last month.
Another cargo surveyor Societe Generale de Surveillance reported exports for the same period jumped just 3.7 per cent to 391,223.
At the close of trading yesterday, the CPO futures contracts for April 2009 jumped RM105 to RM2,560 per tonne, May 2009 surged RM142 to RM2,560, June 2009 went up RM150 to RM2,485 and July 2009 added RM148 to RM2,438 per tonne.
Yesterday’s volume amounted to 23,790 lots, up from Monday’s 14,825 lots, while open interests slide to 84,609 contracts from 85,966 previously.
As for the physical market, the CPO for April shipments in the southern region was higher at RM2,600 per tonne compared with Monday’s RM2,480 per tonne.
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