Malaysian crude palm oil futures soared 5.1 per cent to a fresh 6-month peak yesterday, boosted by rising oil prices and fears of a supply squeeze, traders said.
The benchmark June contract rose as much as RM105 to RM2,175 per tonne before the close, a level unseen since September 29, 2008, before settling at RM2,159, up 4.3 per cent.
“The palm oil market is on a ball as all commodity complexes are looking at the G-20 meeting, taking a cue from the big jump in crude oil prices,” said a trader with a local commodities brokerage.
Oil rose more than US$2.50 per barrel to above US$50 yesterday as rising equities markets bolstered sentiment before a meeting of G20 global leaders which investors hope will deliver measures to restore global growth.
Traders said a recovery in Malaysian palm oil shipments could see domestic inventories in the world’s second-largest producer
fall sharply. Cargo surveyor Societe Generale de Surveillance reported a 5.4 per cent increase to 1,223,716 tonnes in March.
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