Palm Futures Gain on Tight Supplies

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

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