THE crude palm oil futures contracts on Bursa Malaysia Derivatives closed higher yesterday, in line with gains in other vegetable oils.

Dealers said the market “played catch-up” after the long Hari Raya and National day holidays, as traders covered their positions.

“However, the volume remained small, with sentiment remaining cautious in view of concerns that there could be a second global recession due to the economic problems in the US and Europe,” said Jim Teh, senior palm oil trader of Interband Group of Companies.

September 2011 gained RM65 to RM3,185 a tonne, October 2011 rose RM62 to RM3,109 a tonne, November 2011 increased RM41 to RM3,050 a tonne and December 2011 advanced RM45 to RM3,043 a tonne.

Source: Business Times