Declining palm oil stock boosts prices

The benchmark palm oil contract for October delivery on the Bursa Malaysia Derivatives Exchange was up 0.4% at 2,067 ringgit ($501.94) per tonne at the close of trade, its fifth consecutive session of gains. It earlier rose 0.7% to 2,073 ringgit, its strongest level since June 7. Palm is also up 4.8% for the week in a second week of gains.

KUALA LUMPUR: The declining palm oil stock at 2.45 million tonnes for end-May is supportive of the near-term crude palm oil (CPO) prices, says CGSCIMB in its latest agribusiness report.

It expects CPO prices to trade between RM2,000 and RM2,300 per tonne range this month.