15 January 2008 07:15 [Source: ICIS news]
SINGAPORE (ICIS news)--Crude palm oil (CPO) futures on Tuesday pulled back to Malaysian ringgit (M$) 3,367/tonne ($1,036/tonne) on Bursa Malaysia, a day after closing at a high of M$3,414/tonne due to supply concerns on surging global demand for food and biodiesel consumption.
The CPO March delivery fell RM47/tonne to RM3,367/tonne amid profit-taking on Tuesday after closing at a high of M$3,414/tonne on Monday.
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“Corn acreage in the
Palm oil futures have surged as there was also currently a bull run on commodities, including agriculture, as it was seen as a safe haven for investment, he added.
Meanwhile the Malaysian Palm Oil Board said on Friday that palm oil stockpiles fell 7.1% to 1.68m tonnes in December last year from November, while production fell 15.4% to 253,900 tonnes, the worst output decline in a year.
This has raised supply concern for the next three months, particularly with flash floods hitting key oil palm areas in the country.
Since late October 2007, share prices of Malaysian plantation stocks have risen by about 30%.
Major palm oil producers in
($1 = M$3.25)
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