CRUDE palm oil (CPO) futures prices on Bursa Malaysia Derivatives Bhd rebounded yesterday after two days of lower prices on expectations of export demand picking up, dealers said. They said traders returned to the market to take positions on anticipation of surging demand during the Olympics and the coming Asian festive period.
“To meet additional food demand for the Beijing Olympics next month, China needs to purchase vegetable oils, including palm oil, as it needs to load its stockpile,” one of the dealers said.
Shipment of vegetable oil in July, estimated to increase about 26 per cent to 1.37 million tonnes, was also among the factors that supported the market.
Cargo surveyors Intertek Testing Services and Societe Generale de Surveillance are due to release estimates for July today.
For the CPO contract prices, August 2008 was unchanged at RM3,000 per tonne, September 2008 rose RM20 to RM2,989 per tonne, October 2008 and November 2008 increased RM10 each to RM2,996 and RM2,9996 per tonne respectively.
Turnover dropped to 9,590 lots from Tuesday’s 19,096 lots but open interest increased to 58,698 contracts from 57,925 contracts previously.
On the physical market, August South closed slightly higher at RM3,020 per tonne compared to RM3,000 per tonne on Tuesday.
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