Palm oil futures posts best gain in 7 weeks Published: 2009/06/24 CPO FUTURES
PALM oil futures yesterday posted their best gain in seven weeks as soybean prices climbed and investors deemed four days of declines as excessive. JPMorgan & Co. also raised its palm oil price forecast by 17 per cent. Soybean oil is a substitute for palm oil, and changes in the price can influence trends in the tropical commodity. The most-active soybean futures contract in Chicago advanced as much as 1.5 per cent, the first rise in four days. "From now till February 2010, soybean supply is expected to remain tight," Simone Yeoh of JPMorgan Securities (Malaysia) and Aditya Srinath of PT JP Morgan Securities Indonesia wrote in a report received yesterday by e-mail.
