“Increased buying interest may come in over the next few days
if prices stay in a MYR3,200-MYR3,400/ton range,”
said a Johor vegetable oil exporter.
Palm oil’s discount to soyoil has expanded considerably after bellwether palm oil futures lost 14% since the beginning of the year on rising production, with palm oil and refined palm olein offered at a $190-$200/ton discount, compared with a $4-$15/ton premium previously.
The benchmark June CPO contract on the Bursa Malaysia Derivatives ended MYR10 higher at MYR3,376 a metric ton, shrugging off China’s central bank’s interest rate hike late Tuesday for the fourth time since October to tame inflation.
Today's closing price RM3376 is the highest since 21 March 2011
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