Malaysian Palm Oil Wildlife Conservation Fund (MPOWCF)
crude palm oil futures rose nearly 3 per cent to touch a fresh two-year
high yesterday, supported by gains across the commodity markets.
oil investors covered their short positions during the last hour before
closing as most of the commodities rallied on the back of a weaker
dollar,” said a trader with foreign brokerage in Kuala Lumpur.
2011 palm futures on the Bursa Malaysia Derivatives Exchange rose RM90
to RM3,363 after touching a more than two-year high of RM3,372 earlier
in the day — a level unseen since July 2008.
Overall traded volume almost doubled to 19,963 lots of 25 tonnes.
who are awaiting official data on Malaysia’s palm oil production,
stocks, imports and exports due today, said prices of the vegetable oil
are likely to stay firm despite a poll showing that the stocks level may
hit new highs.
A Reuters poll on Monday reported Malaysia’s
October palm oil stocks might hit nine-month highs of 1.95 million
tonnes as seasonally strong production outstripped much weaker overseas
A Reuters technical analysis showed Malaysian palm oil futures with a bullish target of RM3,387.
The outlook will also depend on cargo surveyors’ report of overseas demand during the first 10 days of November today.
US soyoil for December delivery rose 1.4 per cent in Asian trading hours, mirroring a similar rise in soybean futures.
most active China September soyoil contract rose 1.1 per cent to 10,358
yuan, after hitting its highest since July 2008 the previous day.
flowed into commodity and equity markets from the property market after
the Chinese government implemented new policies like higher interest
rates,” said an oil analyst in Shanghai.
“I believe crude oil
will hit over US$100 by the end of this year, which would eventually
bolster global vegetable oil markets.”
Source : Business Times
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