Crude palm oil futures on Malaysia’s derivatives exchange ended mostly higher Tuesday on mild buying interest, with support from e-CBOT and some cues from crude oil, said trade participants.
The benchmark November contract on the Bursa Malaysia Derivatives ended MYR8 higher at MYR2,628 a metric ton after hitting an intraday high of MYR2,636.
BMD Crude Palm Oil (CPO) prices are likely to remain steady around current levels during the week due to a lack of fresh fundamental leads, tepid trade in other commodities and upcoming holidays, said an executive at a Singapore-based commodities brokerage. Traders also want to look at soyoil price trends on CBOT tonight before making investment decisions, he added.
Most traders put immediate resistance at MYR2,630/ton.
Traders expect prices to mostly move within the current range of MYR2,600- MYR2,630/ton until next week, due to thin trade participation.
In the cash market, palm olein for delivery in October traded at $915/ton and for November and December at $872.5/ton, free on board Malaysian ports.
Cargoes for April/May/June changed hands at $865-$870/ton, FOB, said a Singapore-based exporter.
Open interest on the BMD was 65,404 lots, versus 67,081 lots Monday. One lot is equivalent to 25 tons.
A total of 18,489 lots of CPO were traded versus 14,090 lots Monday.
Closing BMD Crude Palm Oil (CPO) futures prices in MYR/ton at 1000 GMT: Month Close Previous Change High Low Sep'10 2,748 2,739 Up 9 2,751 2,740 Oct'10 2,681 2,670 Up 11 2,685 2,655 Nov'10 2,628 2,620 Up 8 2,636 2,608 Dec'10 2,608 2,612 Dn 4 2,625 2,597 Jan'11 2,592 2,603 Dn 11 2,620 2,595
-By Surabhi Choudhary, Dow Jones Newswires; +65 6415-4086; surabhi.choudhary@dowjones.com
(END) Dow Jones Newswires
September 07, 2010 07:22 ET (11:22 GMT)
Copyright (c) 2010 Dow Jones & Company, Inc.
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