Crude palm oil futures on Bursa Malaysia Derivatives closed mostly higher yesterday in anticipation of a drawdown in palm oil inventories, dealer said.
Some investors have raised offer prices due to expectation of bullish data from the Malaysian Palm Oil Board which is scheduled to be released next week on Wednesday, they said.
The higher prices are supported by expectation of lower output for the January period, said one of the dealers.
Earlier, the Malaysian Palm Oil Council said that crude palm oil was expected to trade between RM2,500 and RM2,700 a tonne over the next three months due to floods in Sabah and strong exports in January.
February 2010 gained RM7 to RM2,516 a tonne, March 2010 increased RM15 to RM2,519 a tonne, April 2010 added RM12 to RM2,510 a tonne, and May 2010 was RM6 higher at RM2,501 a tonne.
Turnover dropped to 14,814 lots from 19,781 lots on Wednesday and open interest rose to 77,430 contracts from 75,404 contracts previously.
On the physical market, February South declined to RM2,510 per tonne from RM2,520 a tonne on Wednesday