KUALA LUMPUR: Palm oil futures rose on Tuesday after three sessions of losses, supported by a stronger outlook for exports and a weaker ringgit.
Benchmark palm oil futures for November on the Bursa Malaysia Derivatives Exchange closed up 0.4 per cent at 2,526 ringgit ($624) per tonne.
Traded volumes totalled 34,724 lots of 25 tonnes each on Tuesday, below the 2015 average of 44,600.
“The market is up on strong export expectations,” said a trader from Kuala Lumpur, referring to traders’ outlook of export data from cargo surveyors for the full month of August.
Palm oil shipments from Malaysia, the world’s largest producer after Indonesia, gained 29-31pc during the Aug 1-25 period from the previous month, according to Intertek Testing Services and Societe Generale de Surveillance.
Published in Dawn, August 31st, 2016
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