KUALA LUMPUR (May 6): Malaysian crude palm oil (CPO) prices climbed to a level near RM4,700 a tonne in morning trade on Bursa Malaysia today as prices of commodities including crude oil and copper strengthened on economic recovery bets despite lingering Covid-19 pandemic concerns.
On Bursa today, CPO prices for May 2021 had risen RM82 to RM4,680 a tonne at 10.57am, while CPO for June 2021 climbed RM91 to RM4,402.
Meanwhile, CPO prices for July 2021 were RM111 higher at RM4,155 a tonne.
CGS-CIMB Securities Sdn Bhd analysts Ivy Ng Lee Fang and Nagulan Ravi wrote in a note today that “rising prices of competing edible oils are supporting demand and will likely keep CPO prices firm in the near term”.
More to come
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