Malaysia palm oil futures hit new highs
03 March 2008 08:57 [Source: ICIS news]
SINGAPORE (ICIS news)--May crude palm oil (CPO) futures trading on Bursa Malaysia continued to test new highs on Monday, going above the ringgits (M$) 4,250/tonne ($1,328/tonne) mark for the first time.
Vegetable oil traders attributed the high prices to strong soy bean oil values on the Chicago Board of Trade, crude oil prices hovering close to $102/bbl and speculative funds entering the commodities market on continued fears of a recession in the global equities market.
Benchmark third month CPO futures sustained their bullish run after hitting M$4,000/tonne for the first time on Friday and traded at M$4,228/tonne at 04:20 PM local time after hitting a record of M$4,258/tonne earlier in the afternoon.
($1 = M$3.20)
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Author: Jeremiah Chan+65 6780 4359
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