CPO over two months high on crude gains, low stocks in India, China

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SINGAPORE: Malaysian palm oil futures hit their highest level in more than two months on Friday, riding on gains in crude oil prices as well as lower stocks in top importers India and China.

The benchmark palm oil contract for September delivery on the Bursa Malaysia Derivatives Exchange jumped 2.2% to 2,420 ringgit a tonne by midday, its highest since March 31.

That supported palm prices, a Kuala Lumpur-based trader said. Stronger crude prices make palm an attractive option for biodiesel feedstock. Lower stocks in top importers India and China, as well as anticipation of lower-than-expected growth in Malaysia and Indonesia also propped up prices.

 

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