ended higher yesterday on active trade ahead of the upcoming Hari Raya
Aidil Fitri.
A dealer said demand for palm oil especially from
Muslim countries had gone up in the last few weeks as they accumulated
stocks in preparation for the festival due next week.
At close,
the September 2010 contract increased RM32 to close at RM2,720 per
tonne, October 2010 rose RM11 to RM2,615 per tonne, November 2010 went
up RM28 to RM2,570 per tonne and December added RM37 to RM2,562 per
tonne.
Turnover, however dropped to 11,614 lots from 12,062 lots last Friday
while open interest declined to 66,192 contracts from 68,853 contracts
previously.
On the physical market, September South added RM20
to be at RM2,740 per tonne. The market will be closed today for the
Merdeka celebration.
The dealer said a cautious trading is
expected when the market reopens tomorrow as investors await the August
palm oil exports data from cargo surveyors, Intertek Testing Services
and Societe Generale de Surveillance, later this week.
