CPO falls to 5-week low, PPB, KLK down

KUALA LUMPUR: Crude palm oil (CPO) third-month futures slumped to RM2,422, the lowest since Jan 21 on expectations of higher global oilseed supplies, dragging share prices of PPB Group and KL Kepong down.

At 3.59pm, PPB had fallen 26 sen to RM12.20, TAHPS 20 sen to RM5.10, Sarawak Oil Palms lost 15 sen to RM5.07 while KLK gave up 12 sen to RM20.721.

CPO futures fell RM45 to RM2,425. Reports says soybean oil traded on the Dalian Commodity Exchange fell to 8,316 yuan a tone, the lowest since Sept 2010.

Bloomberg quoted Godrej International Ltd director Dorab Mistry that CPO would drop this year after Asian producers increased acerage and global oilseed supplies rose.

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