Palm Oil in Malaysia Reaches Record, Tracking Crude Increase
2007-10-18 23:16 (New York)
By Claire Leow
Oct. 19 (Bloomberg) -- Palm oil futures in Malaysia, the
global benchmark, reached a record as crude oil surpassed $90 a
barrel for the first time.
Palm oil for January delivery, the most-active contract,
rose as much as 60 ringgit, or 2.2 percent, to 2,795 ringgit
($831) a metric ton on the Malaysia Derivatives Exchange and was
trading at 2,771 ringgit at 11:07 a.m. local time.
Palm oil futures have tracked crude oil prices as vegetable
oils can be used to produce biofuels to reduce the cost of
energy and earn carbon credits. Crude oil in New York reached a
record $90.02 a barrel in after-hours trading in Asia on
concerns tensions between Turkey and Iraq may disrupt supplies.
--Editor: Poole
To contact the reporters for this story:
Claire Leow in Jakarta at +62-21-3435-3021 or
[email protected]
