Crude  palm oil (CPO) futures prices on Bursa Malaysia Derivatives closed higher yesterday on a technical rebound after posting three consecutive days of losses.

Dealers said that the CPO futures market gained some momentum on expectations of strong export figures for the month of October. The two cargo surveyors, Societe Generale de Surveillance and Intertek Testing Services, are due to release their estimated export numbers tomorrow (today).

“The CPO opened lower yesterday, hitting a near two-week low but managed to pick up trade towards the closing on concerns that, higher stocks would be offset by rising exports,” a dealer said.

At close, the CPO futures for the November 2009 contract went up RM29 to settle at RM2,179 per tonne and December 2009 gained RM20 to RM2,170 per tonne.

January 2010 advanced RM37 to RM2,189 per tonne and February 2010 rose RM42 to RM2,199 per tonne. Overall turnover, however, declined to 17,017 lots compared to the 22,255 lots transacted on Wednesday while open interests jumped to 97,300 contracts from 94,313 contracts previously.

On the physical market, October South was higher at RM2,180 per tonne from RM2,160 per tonne on Wednesday.

Source : Business Times