PRICES of crude palm oil (CPO) futures contracts on Bursa Malaysia Derivatives closed higher yesterday on concerns over lower production due to the rainy season, dealers said.
Positive exports data also helped boost the market.
Cargo surveyor Intertek Testing Services reported that export of Malaysian palm oil products from Nov 1-15 rose 13 per cent to 674,148 tonnes from the 596,515 tonnes shipped between Oct 1 and Oct 15.
CPO Futures Advance on Output Concerns
At close, December 2009 gained RM56 to RM2,311 per tonne, January 2009 rose RM56 to RM2,325 per tonne, Febuary 2010 increased RM48 to RM2,336 per tonne and March 2010 rose RM41 to RM2,344 per tonne.
Turnover was lower at 19,487 lots from the 12,876 lots last Friday while open interests was higher at 94,669 contracts from 96,400 contracts previously.
On the physical market, November South advanced RM2,290 per tonne from RM2,200 per tonne last Friday .
Source : Business Times
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