THE Malaysia Derivatives Exchange (MDEX) crude palm oil futures prices rallied on fresh speculative buying and short-covering strength to close the week at its highest levels in two months. The soyoil futures prices in the Chicago Board of Trade (CBOT) surged strongly after the US State Department of Agriculture (USDA) lowered its forecast for 2003/2004 soyoil production and ending stocks last week.
The December 2003 crude palm oil futures prices rallied from a weekly-low of RM1,330 to RM1,416 and closed the week with strong gains at RM1,415, up RM88 per tonne from a week ago.
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