CRUDE palm oil (CPO) futures prices on Bursa Malaysia Derivatives Bhd rose sharply as crude oil price surged to a near US$140 (US$1 = RM3.29) per barrel, dealers said yesterday. The higher crude oil price boosted demand for biofuel, thereby increasing the CPO futures prices, they said.
The rally in prices of vegetable oils like soyaoil also helped to push up the CPO prices, one of the dealers said.
Despite a lower export estimate by cargo surveyor Intertek Testing Services, the CPO prices managed to continue their bullish momentum, the dealers said.
According to Intertek, exports of Malaysian palm oil products for May 2008 dropped six per cent to 1.209 million tonnes from 1.286 million tonnes the previous month.
In the trading of CPO futures yesterday, spot month June 2008 gained RM60 to RM3,660 per tonne, July 2008 advanced RM73 to RM3,646 per tonne, August 2008 increased RM60 to RM3,660 per tonne and September 2008 rose RM50 to RM3,670 per tonne.
As for the physical market, June South was higher at RM3,680 per tonne from RM3,620 per tonne previously.
Turnover was higher at 9,348 lots compared to 7,798 lots last Friday while open interest declined to 42,232 cotnracts from 42,356 contracts previously.
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