CRUDE
palm oil (CPO) prices ended higher on Bursa Malaysia Derivatives
yesterday despite a larger-than-expected drop in overseas market,
dealers said.
Cargo surveyor, Intertek Testing Services, said
exports of Malaysian palm oil products for December 1-10 fell 23.7 per
cent to 298,005 tonnes from 390,534 tonnes shipped during November 1-10.
Meanwhile, Malaysian Palm Oil Board data showed that November
exports rose by 2.7 per cent to 1.50 million tonnes from 1.46 million
tonnes in the previous month on robust demand from China and the
European Union.
Traders, however, said the Malaysian exports would slow significantly in
December judging from cargo surveyor data for first ten days of this
month.
December 2010 rose by RM6 to close at RM3,630, January
2011 increased RM20 to RM3,670 per tonne, February added RM35 to RM3,633
per tonne and March 2011 was RM33 higher to RM3,583 per tonne.
Volume rose to 23,408 lots from 22,294 on Thursday and open interests increased to 85,371 contracts from 82,763 previously.
December South was unchanged at RM3,650 per tonne yesterday.
Source : Business Times
