CRUDE
palm oil futures prices on Bursa Malaysia Derivatives closed higher as
continuing concerns over tight supplies due to heavy rains pushed up
prices.
A dealer said if the current crazy weather persisted, CPO prices could hit RM4,000 a tonne next month.
The
La Nina weather, the hardest to have hit in almost half a century is
expected to cause extensive damage to crops in Australia and Asia.
Higher crude oil prices, which advanced close to US$90 a barrel due to
freezing weather in US and Europe, also boosted vegetable oil prices.
January
advanced RM36 to RM3,611 a tonne, February gained RM38 to RM3,600 a
tonne, March increased RM43 to RM3,561 a tonne and April rose RM42 to
RM3,533 a tonne.
Source : Business Times
