KUALA LUMPUR (Feb 20): Crude palm oil futures rose to RM3,3260 per tonne at midday on Monday, underpinned by firmer demand and weaker first quarter production in Borneo due tail end effects of 1QCY10 drought, analysts said.
At midday, CPO for third-month delivery was up RM18 to RM3,260, the highest since June 14, 2011.
News reports said China's move to ease its policy had helped nudged commodities higher while an improvement in demand prospects and technical outlook also provided support.
OSK Research said CPO prices staged a technical breakout last Friday and it thinks CPO price will head higher to RM3,465 in the medium term.
“This is consistent with our sector view that any upside palm oil price is to have will happen in the first quarter or not at all. Seasonally palm oil price tends to peak in 1Q, carrying over buying momentum from 4Q,” said the research house.
At midday, among the PLANTATION []s which posted share price gains were BLD Plantations, up 10 sen to RM10.10, Glenealy 18 sen to RM7.18, TH Plantations eight sen to RM2.80, Hap Seng Plantaions four sen to RM3.13 and Kim Loong, also four sen to RM2.64.
At midday, CPO for third-month delivery was up RM18 to RM3,260, the highest since June 14, 2011.
News reports said China's move to ease its policy had helped nudged commodities higher while an improvement in demand prospects and technical outlook also provided support.
OSK Research said CPO prices staged a technical breakout last Friday and it thinks CPO price will head higher to RM3,465 in the medium term.
“This is consistent with our sector view that any upside palm oil price is to have will happen in the first quarter or not at all. Seasonally palm oil price tends to peak in 1Q, carrying over buying momentum from 4Q,” said the research house.
At midday, among the PLANTATION []s which posted share price gains were BLD Plantations, up 10 sen to RM10.10, Glenealy 18 sen to RM7.18, TH Plantations eight sen to RM2.80, Hap Seng Plantaions four sen to RM3.13 and Kim Loong, also four sen to RM2.64.
