NewsFlashMalaysia CPO falls $8/t on soybean oil

08 July 2008 07:28  [Source: ICIS news]

SINGAPORE (ICIS news)--Crude palm oil (CPO) futures traded on the Bursa Malaysia have fallen by ringgit (M$)27/tonne ($8.31/tonne) since the opening of trade on Tuesday in line with the fall in soybean oil values, sources said.

The benchmark September delivery contract was traded at M$3,485/tonne at the end of the morning’s trading session, they added.

This was almost a M$1,000/tonne drop from just four months ago when CPO futures hit a historical high of M$4,486/tonne on 4 March.

This drop in prices has provided some much-needed relief to the downstream biodiesel and oleochemical industries, which have been squeezed by surging vegetable oil values.

Vegetable oil traders said that prices had fallen in tandem with substitute soybean oil values, which plummeted by 2.5cts/lb ($55/tonne) on Monday evening due to improved crop conditions.

($1 = M$3.25)

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By: Jeremiah Chan
+65 6780 4359

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