Crude palm oil futures on Bursa Malaysia Derivatives closed sharply higher yesterday, surging to a near 26-month high in line with gains in the soyabean futures market and a smaller global crop estimate for soya and corn,dealers said.

October 2010 rose RM151 to RM2,894 a tonne; November 2010 climbed RM145 to RM2,929; December 2010 gained RM170 to RM2,925; January 2011 rose RM175 to RM2,929; and February 2011 gained RM164 to RM2,921.

Turnover went up to 31,248 lots from 14,443 lots last Friday while open interest was up at 70,178 contracts from 71,632 contracts previously.

On the physical market, October South rose to RM2,950 from RM2,780 previously.

Source: Business Times