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Palm oil futures jump, tracks soybean oil
by hlk Wed 22 Aug 2012, 12:43
KUALA LUMPUR: Crude palm oil (CPO) futures for third month delivery
rose to a high of RM3,056 on Wednesday, tracking gains in soybean oil,
the highest since July 17.
Reuters said the market was playing a catch-up game here after soybean oil gained so much.
The
most active US soyoil contract for December delivery hit a high of 56.3
US cents per pound on Tuesday, its highest level since April 30, said
the wire report.
The US Department of Agriculture rated soybeans
at good to excellent condition just one percentage point higher this
week from a week ago, sustaining fears of a poor crop and a tighter
supply of soybean oil.
rose to a high of RM3,056 on Wednesday, tracking gains in soybean oil,
the highest since July 17.
Reuters said the market was playing a catch-up game here after soybean oil gained so much.
The
most active US soyoil contract for December delivery hit a high of 56.3
US cents per pound on Tuesday, its highest level since April 30, said
the wire report.
The US Department of Agriculture rated soybeans
at good to excellent condition just one percentage point higher this
week from a week ago, sustaining fears of a poor crop and a tighter
supply of soybean oil.
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