CRUDE palm oil futures on Bursa Malaysia Derivatives closed sharply higher
yesterday, riding on expectations of higher export figures, dealers
said.
“The export figures will be out tomorrow and the market is
taking its cue from expectations that the figures would be better,” a
dealer said.
The figures to be released by cargo surveyors
Intertek Testing Services and Societe Generale de Surveillance are
expected to be strong as it has so far risen nearly a quarter for the
first 25 days of the month.
He said concerns on disrupted harvesting from rough weather conditions amid strong demand had supported prices as well.
December
2010 rose RM77 to RM3,427, January 2011 gained RM105 to RM3,411,
February 2011 added RM107 to RM3,381 and March 2011 climbed RM114 to
RM3,357.
Total volume increased to 18,360 lots from 12,214 lots
on Friday while open interest rose to 79,239 contracts from 79,077
recorded last week.
On the physical market, November South rose to RM3,450 per tonne from RM3,360 per tonne last Friday.
Source : Business Times
