CPO futures pushed past RM2,000

CPO futures pushed past RM2,000 per tonne yesterday as a farmers’ strike in Argentina threatens soybean exports and on a delay by India to implement a previously announced removal of a 20% import duty on crude soybean oil. Bloomberg reported that a weaker US dollar was also driving international investors back into commodities, including CPO and soybean oil. However, Kuala Lumpur-based Interband Group palm oil trader Jim Teh said CPO gains in the past few days were likely due to speculative play, pointing out that the gains had been accompanied by low volumes. “Above RM2,000 is speculative play in tandem with crude oil,” he said. (Starbiz)