BMD CPO Futures Up 3.8% On Tight Stocks, Soyoil; 36-Week High(04 May, 2009)
KUALA LUMPUR (Dow Jones)--Crude palm oil futures on Malaysia's derivatives
exchange rose 3.8% in early trade Monday to their highest level in 36 weeks on
lower inventories and a surge in soybean oil prices.
At 0241 GMT, the benchmark July contract on Bursa Malaysia Derivatives was
trading MYR85 higher at MYR2,680 a metric ton, close to an intraday high of
MYR2,694/ton.
"CPO futures (trading) was closed Friday and are making up for the lag with
soy oil prices, which rose sharply on both Thursday and Friday (on the Chicago
Board of Trade)," said an analyst in Singapore.
Soy oil is continuing its bull run, trading higher during electronic trading.
At 0234 GMT, July soy oil was trading 45 points higher on e-CBOT 38.20 cents a
pound.
- By Sameer Mohindru, Dow Jones Newswires; (603)
2078-4233;sameer.mohin...@dowjones.com
