KUALA LUMPUR: The crude palm oil futures contracts on Bursa Malaysia Derivatives closed at its highest level in more than a year yesterday, bolstered by market fears over a tightening supply of edible oil, dealers said.
A dealer said the US Department of Agriculture’s quarterly inventory report and planting forecast which influenced the market, indicated that farmers in the country will plant less soyabean in favour of corn.
He said the drought in South America also lent support to the firmer CPO price.
April 2012 surged RM85 to RM3,565 a tonne, May 2012 jumped RM92 to RM3,541 a tonne, June 2012 gained RM99 to RM3,532 a tonne and July 2012 added RM90 to RM3,501 a tonne.
Volume depreciated to 19,009 lots from the 21,018 lots last Friday. Bernama
Source: Business Times
