CPO hits M$4,000/tonne high on Bursa Malaysia

29 February 2008 10:16  [Source: ICIS news]

LONDON (ICIS news)--Benchmark third-month crude palm oil (CPO) futures traded on the Bursa Malaysia rose above ringgit (M$) 4,000/tonne ($1,254/tonne) on Friday - a new historical high.

“I think everybody anticipated that prices would go above M$4,000/tonne,” Alfred Mah, director of palm oil brokerage Matthes & Portion (M), told ICIS news.

He added that market sentiment had picked up following bullish price forecasts by speakers at the Annual Palm & Lauric Oils Conference 2008 in Kuala Lumpur, which ended on 28 February.

Rising crude prices, increased CPO exports in February and surging soybean oil values had also contributed to the rise, Mah added.

May CPO futures were being traded at M$3,998/tonne at 4:38pm local time.

($1 = M$3.19)

By: Jeremiah Chan
+65 6780 4359

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