MARKET DEVELOPMENT
CPO Climbs to Month High of RM2,430, Plantations Up
CPO Climbs to Month High of RM2,430, Plantations Up
27/08/2013 (The Star) - Crude palm oil (CPO) prices for third month surged past the key RM2,400 level on Monday, sending key plantation stocks higher.
At 3.38pm, the FBM KLCI was up 10.43 points to 1,731.50. Turnover was 1.04 billion shares valued at RM1.1bil. There were 301 gainers, 465 losers and 260 counters unchanged.
CPO prices rose RM63 to RM2,430, the highest since June 21.
KL Kepong rose 26 sen to RM21.46, IOI Corp added 22 sen to RM5.47 and Genting Plantations added 20 sen to RM9.40.
Bloomberg reported the surge in CPO prices was due to concerns that the soybean crop in the U.S., the largest grower of the oilseed that's crushed to make an alternative oil, may be smaller-than-forecast on dry weather.
Soybean output in the U.S. may be 3.158 billion bushels after planting delays and unusually cool, dry weather stunted growth, according to the Professional Farmers of America.
Hot, mostly dry weather for most of the Midwest in the next seven to 10 days will put added stress on some crops, DTN said Aug. 23.
Exports from Malaysia, the second-largest producer, climbed 7.1% to 1.16 million tons in the first 25 days of this month from the same period in July, surveyor Intertek said Aug. 20.
At 3.38pm, the FBM KLCI was up 10.43 points to 1,731.50. Turnover was 1.04 billion shares valued at RM1.1bil. There were 301 gainers, 465 losers and 260 counters unchanged.
CPO prices rose RM63 to RM2,430, the highest since June 21.
KL Kepong rose 26 sen to RM21.46, IOI Corp added 22 sen to RM5.47 and Genting Plantations added 20 sen to RM9.40.
Bloomberg reported the surge in CPO prices was due to concerns that the soybean crop in the U.S., the largest grower of the oilseed that's crushed to make an alternative oil, may be smaller-than-forecast on dry weather.
Soybean output in the U.S. may be 3.158 billion bushels after planting delays and unusually cool, dry weather stunted growth, according to the Professional Farmers of America.
Hot, mostly dry weather for most of the Midwest in the next seven to 10 days will put added stress on some crops, DTN said Aug. 23.
Exports from Malaysia, the second-largest producer, climbed 7.1% to 1.16 million tons in the first 25 days of this month from the same period in July, surveyor Intertek said Aug. 20.