CRUDE palm oil (CPO) futures on Bursa Malaysia Derivatives closed higher yesterday on expectation of better forecast for the commodity from an industry conference, dealers said.
Bursa Malaysia is hosting the two-day annual Palm and Lauric Oils Conference and Exhibition: Price Outlook 2010/2011 beginning today.
Industry experts will share their views on the development and challenges of the palm oil industry as well as the price outlook.
According to the dealers, the price at today's trading was also supported by the low production cycle from December last year until next month, resulting in lower output.
At close, the March 2010 contract rose RM34 to RM2,710 per tonne, April 2010 went up RM41 to RM2,718 per tonne, and May 2010 and June 2010 added RM39 each to settle at RM2,709 and RM2,703 per tonne respectively.
However, overall volume dropped to 6,388 lots from 17,321 lots last Friday while open interest rose to 81,795 contracts from 81,079 contracts previously.
On the physical market, March 2010 increased to RM2,720 per tonne from RM2,676 per tonne last Friday. - Bernama