KUALA LUMPUR: The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives rallied to post its biggest single-day gain and close at a 31-day high yesterday, with the benchmark July contract hovering above the RM4,000 level.

Singapore-based Palm Oil Analytics owner and co-founder Dr Sathia Varqa said the CPO futures buying was sparked by a surge in the related soybean oil, which hit limit-up to lock in a 3.59% rise on the Chicago Board of Trade.

“Palm oil was riding on the back of the gains in soybean oil. However, demand outlook for May is gloomy from the devastating impact of Covid-19 enveloping the world’s largest buyer, India, ” he told Bernama.— Bernama

Source : The Star