Crude palm oil (CPO) futures prices on Bursa Malaysia Derivatives closed higher yesterday despite the fall of crude oil prices in the global market, dealers said.
The crude oil price dropped below US$39 per barrel on slowing demand amid fears of deepening recession.
The market will be closed today for the Christmas celebrations and trading will resume tomorrow.
In trading on Tuesday, the benchmark third month March 2009 rose RM29 to RM1,1,559 per tonne.
Of the other months, January 2009 advanced by RM25 to RM1,565 per tonne, February 2009 increased RM29 to RM1,560 per tonne and April 2009 went up RM30 to RM1,561 per tonne.
However, turnover went down to 3,573 lots from 8,722 lots on Tuesday while open interest declined to 83,399 contracts from 84,137 contracts previously.
As for the physical market, December South was slightly higher at RM1,575 per tonne compared to RM1,560 per tonne on Tuesday.
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