Plantation counters hog limelinght on Bursa

Publish date: Thu, 06 Mar 2014, 04:41 PM
KUALA LUMPUR: Plantation counters hogged the limelight on Bursa Malaysia Securities today recording gains across the board prompted by the bullish price outlook painted by several industry analysts at the Palm and Lauric Oil Conference and Exhibition (POC) 2014 which ended yesterday.
At 3.36pm, the Plantation Index was up 121.24 points at 8,916.95 points.
Among the top plantation gainers were Genting Plantations which soared 30 sen to RM11.00, both PPB and KLK chalked up 24 sen each to RM16.60 and RM23.88 respectively, FGV rose seven sen to RM4.60 and IOI Corp added three sen to RM4.76.
Positive sentiment was noted since mid-morning for these plantation counters boosted by the price short-term and long-term projections made for the golden
crop by international experts.
A leading analyst, Dorab Mistry, said CPO prices were expected to trade between RM2,600 and RM2,900 per tonne aided by high demand, tight inventories and reduced production as a result of the current drought.
Mistry, who heads the vegetable oil trading arm of India's Godrej Industries, also said prices could also receive a boost from Indonesia's biofuel industry.
Meanwhile, another speaker, James Fry, Chairman of the UK-based LMC International Ltd, said prices could appreciate to slightly above RM3,000 per tonne for palm oil and RM4,500 per tonne for palm kernel oil.
Malaysia and Indonesia are the top two palm oil producers in the world, accounting for about 85 per cent of global output.
Yesterday, the benchmark May crude palm oil futures contract on Bursa Malaysia Derivatives closed at a 17-month high of RM2,834 per tonne.-- Bernama
Discussions
Be the first to like this. Showing 2 of 2 comments

Duitbesar

Ini musim kemarau sawit manyak kuat harga mah. Sudah expect. Kalau hujan kuat korang jual sampai habis.

2014-03-06 17:32

Up_down

Stockpiles in Malaysia continue dropping. http://www.theedgemalaysia.com/business-news/278908-palm-reserves-in-malaysia-dropping-to-five-month-low-on-output.html

2014-03-06 18:01

Post a Comment