Petaling Jaya
Plantation stocks attracted buying interest today as sentiment was boosted by higher crude palm oil (CPO) prices.
Kuala Lumpur Kepong Bhd closed up 30 sen to RM11.10, IOI Corp Bhd gained 4 sen to RM4.20, Sime Darby Bhd added 5 sen to RM6.10 while United Plantations Bhd rose 10 sen to RM10.30.
At 5.15pm, CPO for June delivery rose RM98 per tonne to RM2,263, the highest in six months, in anticipation of lower inventory as of end March compared with the month before. The Malaysian Oil Palm Bhd (MPOB) is due to release the statistics tomorrow.
A bank-backed research house, in a report, said it had raised CPO price assumption for this year to RM2,500 per tonne from earlier estimate of RM2,000.
It added that the upward revision was based on higher-than-expected shortfall in palm oil supply and the anticipation of a demand recovery in the second half year.
Moreover, the possibility of a weaker US dollar was likely to prompt investors to switch to commodities like palm oil, the brokerage added.
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