CRUDE palm oil futures on the Malaysia Derivatives Exchange closed higher yesterday backed by fresh buying, dealers said.

They said the higher overnight soyaoil prices on the Chicago Board of Trade boosted buying sentiment in the CPO futures market.

At the close, the May 2010 and July 2010 contracts rose RM19 each to settle at RM2,515 a tonne and RM2,490 respectively.

June 2010 and August 2010 increased RM18 each to RM2,501 and RM2,488 respectively.

Volume increased to 11,918 contracts from 11,659 contracts on Wednesday while open interests fell to 66,281 contracts from 67,525 contracts previously.

In the physical market, May South increased to RM2,520 a tonne from RM2,500.

Source : Business Times