Crude palm oil futures on Malaysia’s derivatives exchange ended higher Wednesday due to steady buying before the long weekend, supported by CBOT overnight and position switching ahead of the Sept. 15 expiry of the spot contract, said trade participants.
The benchmark November contract on the Bursa Malaysia Derivatives ended MYR46 higher at MYR2,674 a metric ton.
BMD Crude Palm Oil (CPO) prices are likely to remain around current levels as the festive season has kept trading steady, said an executive at a Singapore-based commodities brokerage. Traders will, however, re-evaluate their positions based on crop reports by the U.S. Department of Agriculture Friday and Malaysian Palm Oil Board on Sept. 15 once the market returns to normal next week after the Muslim Eid holidays, he added.
Most traders put immediate resistance for the benchmark contract at MYR2,700/ton.
Market participants expect prices to mostly hover around MYR2,660/ton Thursday on cues from crude oil and CBOT, said a trader in Singapore.
In the cash market, palm olein for delivery in October traded at $915-$925/ton and for November and December at $885-$890/ton, free on board Malaysian ports.
Cargoes for April/May/June changed hands at $870-$875/ton, FOB, said a Singapore-based exporter.
Open interest on the BMD was 65,719 lots, versus 65,404 lots Tuesday. One lot is equivalent to 25 tons.
A total of 16,007 lots of CPO were traded versus 18,489 lots Tuesday.
Closing BMD Crude Palm Oil (CPO) futures prices in MYR/ton at 1000 GMT: Month Close Previous Change High Low Sep'10 2,785 2,748 Up 37 2,785 2,760 Oct'10 2,719 2,681 Up 38 2,719 2,682 Nov'10 2,674 2,628 Up 46 2,674 2,635 Dec'10 2,655 2,608 Up 47 2,656 2,616 Jan'11 2,654 2,592 Up 62 2,654 2,624
-By Surabhi Choudhary, Dow Jones Newswires; +65 6415-4086; surabhi.choudhary@dowjones.com
(END) Dow Jones Newswires
September 08, 2010 07:01 ET (11:01 GMT)
Copyright (c) 2010 Dow Jones & Company, Inc.
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