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PETALING JAYA: Commodity prices surged yesterday, with crude palm oil (CPO) price on Bursa Derivatives up by almost 5% in a day, as rising speculative momentum pushed prices of basic raw materials from crude oil to copper to new multiple-months' highs.
PETALING JAYA: Local commodities like crude palm oil (CPO), tin, rubber and steel could be heading for a short-term rally bolstered by active buying interest from institutional and fund managers on most major world commodities.
The price of rubber has managed to remain relatively steady despite a steep correction in prices of other commodities due to burgeoning demand. An increase in the consumption of rubber as well as high prices of crude oil, which is used to make synthetic rubber, had pushed up natural rubber prices in recent months, experts said.