KUALA LUMPUR: Crude palm oil (CPO) futures for third-month delivery surged to RM3,042 in early trade on Wednesday, the highest since June 1.
At 11.23am, the CPO futures was up RM85 to RM3,033 per tonne.
The rebound in CPO prices could be due to higher demand for palm oil after hot and dry weather in the U.S. threatened to curb the soy crop available for crushing.
Reuters reported that prices crossed above the RM3,000 mark for the first time since June 11, signalling traders are taking cues from fundamentals such as rising exports after the Greece elections helped ease concerns over the euro zone debt crisis.
It also said exports of Malaysian palm oil products for June 1-20 rose 15% to 991,917 tonnes on-month.
Quoting cargo surveyor Intertek Testing Services, Reuters said this was 15% higher compared with the 862,337 tonnes shipped during May 1-20.
Source : The Star
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