24/05/2012 (Bernama) - The crude palm oil (CPO) futures contracts on Bursa Malaysia Derivatives closed higher today on the back of healthy demand.

A dealer said the CPO futures prices managed to escape from the sell-off in the broader commodities due to renewed concerns over the euro zone debt crisis.

He said cargo surveyors, Intertek Testing Services and Societe Generale de Surveillance, both reported a slight increase in shipments for Malaysian palm oil for May 1-20.

"If you are talking about demand, it is definitely there but despite the healthy demand, concerns about the global economy were playing a bigger role in driving the market," he said.

June 2012, Aug 2012 and Sept 2012 added RM5 each to RM3,015 per tonne, RM3,019 per tonne and RM3,010 per tonne respectively while July 2012 gained RM9 to RM3,019 per tonne.

Volume rose to 55,312 lots from 27,849 lots yesterday, while open interest declined to 108,716 contracts from 115,158 contracts previously.

On the physical market, May South went down RM50 to RM3,080 a tonne.