KUALA LUMPUR – Shares of plantation companies on Bursa Malaysia posted an uptrend as investors rejoiced over a possible further rise in crude palm oil (CPO) prices amid dwindling stocks.
At 3pm, heavyweights KLK jumped 70 sen to RM24.70 and Sime Darby Plantation was 3 sen higher at RM5.20.
Sarawak Oil Palms was 21 sen firmer at RM4.34 and IJM Plantations rose 6 sen to RM1.93.
TSH Resources was 4 sen firmer at RM1.14,while Sarawak Plantation was 1 sen better at RM2.25.
However, IOI Corp lost 3 sen to RM4.48.
The Malaysian Palm Oil Board (MPOB) today reported that crude palm oil (CPO) stocks slumped 19.2% to 583,761 tonnes in December 2020 from the 722,451 tonnes in November 2020.
In its monthly December 2020 report, the MPOB said CPO production slid 10.59% to 1.33 million tonnes from 1.49 million tonnes previously, while palm kernel output was 11.41% lower at 310,204 tonnes from 350,144 tonnes in November 2020.
Palm oil exports gained 24.66% to 1.62 million tonnes in December 2020 versus 1.3 million tonnes in the previous month.
The CPO futures benchmark March 2021 increased RM13 to RM3,830 per tonne at Friday’s close with the physical price for January South stood higher at RM4,030 per tonne. – Bernama, January 11, 2021
