Palm Futures Hit Fresh 33-Month High

CRUDE palm oil futures on Bursa Malaysia Derivatives hit fresh 33-month high borrowing strength from other vegetable oil markets, dealers said.

“Dry weather in South America may disrupt soya bean yields especially in soya-producing Argentina,” a dealer said.

Another dealer said heavy rains had affected palm oil yields.Concerns on future supplies are weighing on market sentiments, he added.

At close, January 2011 gained RM20 to RM3,845 a tonne, February 2011 climbed RM27 to RM3,818, while March 2011 and April 2011 both added RM22 to RM3,778 a tonne and RM3,750 a tonne respectively.

Source : Business Times

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