Bursa Malaysia extends its rally to a fourth session on plantation strength
The KLCI closed at its highest level since February as crude palm oil futures held above 4,200 ringgit a tonne.
The FTSE Bursa Malaysia KLCI closed up 0.7 percent at 1,612, a fourth consecutive gain and the highest close since February. Plantation counters did most of the work.
Crude palm oil futures for third-month delivery held above 4,200 ringgit a tonne for a second week, supported by lower-than-expected production in the peak season and by soybean oil strength in Chicago that widens the substitution gap in palm favour.
What is driving the palm oil bid
Two things, one temporary and one less so. The temporary factor is weather: rainfall in the main producing states has been above normal, which disrupts harvesting and transport more than it affects yields.
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