Thursday December 27, 2007

Palm oil gains to record on demand for food, fuel

bloomberg.com :

Palm oil prices in Malaysia, the global benchmark, rose to a record today [26 Dec 2007] as global demand for vegetable oils for food and alternative fuel outstrips supply. Palm oil for March delivery rose as much as 57 ringgit, or 1.9%, to 3,087 ringgit ($924) a ton on the Malaysia Derivatives Exchange. Indonesia and Malaysia produce 90% of the world's palm oil, the main substitute for soybean oil.

Soybeans and soybean oil in China, the biggest consumer of the commodity, also soared to records today as traders speculated demand may outpace supplies from government stockpile sales and imports. Soybeans in Chicago reached a 34-year peak and soybean oil the highest for at least 33 years on Dec. 24.

Agricultural products have been among the best-performing commodities this year. Palm oil has gained 56%, soybeans 75% and soybean oil 62%.

See also :

1. Wheat price rises above $10 for first time on supply concerns
2. Bread and inflation
3. Why food costs more
4. Get ready for Peak Grain

(2007-12-27 23:16:13 SGT) [Energy] Permalink

Most popular blog postings on lowem.log :

1. Singapore MRT rail network length to double by 2020
2. 2010 Nissan Leaf electric car specifications : 107hp, 24KWh lithium-ion batteries, 100-mile range
3. Live spot gold price quotes chart on COMEX
4. 2010 Toyota Prius specifications released : 50 mpg, 1.8L, 134hp, Ni-MH, solar roof option
5. AVG Anti-Virus Free Edition 2011 direct download link
6. Real-time live gold and silver price quotes chart on COMEX
7. Singapore electric vehicles : Government agencies EMA and LTA to study EV introduction
8. Book review : Shut Down by William Flynn

Featured articles on lowem.log :

1. Book review : Shut Down by William Flynn
2. Singapore electric cars testing starts with 9 electric vehicles
3. Honda, GS Yuasa JV to make lithium-ion batteries for 2010/2011 Honda Civic Hybrid
4. 2010 Honda Civic Hybrid preliminary specifications released
5. 2010 Honda CR-Z hybrid, 2010 Honda Fit/Jazz hybrid models confirmed
6. 2010 Toyota Prius specifications released : 50 mpg, 1.8L, 134hp, Ni-MH, solar roof option
7. NYMEX crude oil recovers from $32.40 low after 2.2 mbpd OPEC production cut announced
8. Singapore : Nuclear power not ruled out