Wednesday, December 28, 2011

CPO third-month delivery climbs to highest of RM3,196 since mid-Nov

KUALA LUMPUR (Dec 28): Crude palm oil (CPO) for third month delivery rose to its highest since Nov 18 at midday on Wednesday on worries that the wet weather in Malaysia and Indonesia could impact the harvests.

At midday on Wednesday, the CPO prices rose RM37 to RM3,196 per tonne, the highest since Nov 18's closing price of RM3,248. It rose to a high of RM3,205 in intra-day trade.

News reports, quoting the Malaysian Metrological Department, had forecast intermittent to occasionally heavy rains to continue to Thursday and there was a possibility of floods in low-lying areas.

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