Crude palm oil (CPO) futures prices on Bursa Malaysia Derivatives closed higher as the market received a boost from strong export data released yesterday, dealers said.The benchmark August contract ended higher by RM65 to settle at RM2,625 per tonne compared with last Friday’s closing of RM2,560 per tonne with expectation of a further uptrend, they said.
The market is expected to be within the range of RM2,580 to RM2,700 per tonne throughout the week, with sentiment generally strong and supported by the firmer crude oil and soyoil markets, one of the dealers said.
Cargo surveyor Intertek Testing Services reported yesterday that Malaysia’s palm oil export in May 2009 was 1.7 per cent higher at 1,211,716 tonnes compared with 1,191,960 tonnes in the previous month.
Another report from Societe Generale de Surveillance Malaysia said that exports during the May period surged 5.1 per cent to 1,270,894 tonnes from 1,168,628 tonnes previously.
At the close yesterday, spot June 2009 went up RM65 to settle at RM2,680 per tonne, July 2009 added RM89 to RM2,659 per tonne and September 2009 was RM71 higher at RM2,620 per tonne.
Yesterday’s turnover, however, declined to 12,801 lots from 16,098 lots last Friday while open interests rose to 79,041 contracts from 78,971 contracts previously.
As for the physical market, June South was traded higher at RM2,700 per tonne compared with last Friday’s RM2,600 per tonne.
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