Crude palm oil (CPO) futures prices on Bursa Malaysia Derivatives closed at a 15-month high today, spurred by strong biofuel demand and gains in soyoil prices, dealers said. They said a weakening US dollar as well as favourable export data had also helped to drive CPO prices higher.
Cargo surveyor Societe Generale de Surveillance reported that Malaysian palmoil exports products for Sept 1-25 up 15 per cent to 1.08 million tonnes compared to 939,456 tonnes shipped from Aug 1-25.
An analyst said CPO prices are expected to touch RM3,000 per tonne in the next five months, supported by other edible oils, particularly strong demand for biofuel. However, weather conditions in South America region would play an influential factor in determining vegetable oil prices in coming months, the analyst said.
At close today, the October 2010 contract rose RM21 to RM2,763 per tonne, November 2010 increased RM33 to RM2,732, December 2010 went up RM34 to RM2,735 per tonne and January 2011 added RM37 to RM2,741 per tonne. Total volume increased to 19,154 lots from 11,516 lots last Friday while open interests declined to 64,731 contracts from 65,708 contracts previously. On the physical market, October South rose RM25 to RM2,765 per tonne.
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