Friday, July 23, 2010

CPO extends gains, at 2-month high

KUALA LUMPUR: Crude palm oil (CPO) futures extended their gains in the morning session on Friday, July 23, rising another RM11 to RM2,530 on expectations PLANTATION [] stocks may be re-rated.

At 11.15am, the CPO for third-month delivery rose to a high of. extending gains of RM62 from Thursday.

The Edge FinancialDaily reported that prices of the primary commodities have been rising due to unusual weather conditions, which are creating havoc for the global agriculture production.

CPO may be given a boost if the prices of soybean oil extend their gains as production contracts due to the hot weather in the US.

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