KUALA LUMPUR (Bernama) -- The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives rallied to post its biggest single-day gain and close at a 31-day high today, with the benchmark July contract hovering above the RM4,000 level. Singapore-based Palm Oil Analytics owner and co-founder Dr Sathia Varqa said the CPO futures buying was sparked by a surge in the related soybean oil, which hit limit-up to lock in a 3.59 per cent rise on the Chicago Board of Trade. "Palm oil was riding on the back of the gains in soybean oil today. Meanwhile, palm oil trader David Ng said the price rally was also influenced by higher demand and lower production which will reduce overall stock levels in the country. The physical CPO price for May South advanced by RM140 to RM4,480 per tonne -- BERNAMA TAGS: CPO, Futures, Dr Sathia Varqa, David Ng, Soybean oil, CBOT

Source: The Star April 27, 2021 12:14 UTC