Prices of crude palm oil (CPO) futures contracts on Bursa Malaysia Derivatives ended higher yesterday on the back of strong crude oil price, dealers said.

Crude oil futures at the New York Mercantile Exchange for October delivery traded at $72.82 per barrel.

According to the dealers, the rebound was also supported by short-covering activities that boosted market sentiment amid concern of stock build-up.

“The uptrend returned despite lower export data (the previous) day,” said one of the dealers.

At close, CPO futures contracts for September 2010 rose RM28 to close at RM2,668 per tonne, October 2010 increased RM32 to RM2,573 per tonne, November 2010 went up RM44 to RM2,530 per tonne and December added RM45 to RM2,513 per tonne.

Turnover dropped to 17,790 lots from 29,218 lots the previous day and open interest declined to 68,428 contracts from 68,654 contracts earlier.

On the physical market, August South added RM30 to be at RM2,700 per tonne. Source: Business Times

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