Palm at 6-month high on supply squeeze (ext: BT)

MALAYSIAN crude palm oil futures gained 2.9 per cent to hit a new 6-month high today, as investors bet on a sharp drop in stocks amid strength in crude and soyoil markets, traders said.
The benchmark June contract on the Bursa Malaysia Derivatives Exchange rose RM63 to RM2,228 (US$614.1) per tonne by the midday break, a level unseen since September 29.
“The market seems to be buying on rumour of lower stocks and will sell on fact when the Malaysian palm oil board data comes out,” said a trader with a local commodities brokerage.