KUALA LUMPUR: Palm oil futures climbed to their strongest levels in two and a half years on Monday evening on declining output data, and tracking gains in rival oils on China’s Dalian Commodity Exchange and the Chicago Board of Trade (CBOT).
Benchmark palm oil futures for January on the Bursa Malaysia Derivatives Exchange surged 3.6 per cent to 2,822 ringgit ($676) a tonne at the end of the trading day.
Earlier in the session, the contract hit 2,828 ringgit, its highest since March 13, 2014 and also posted the strongest gains in a week. Traded volumes stood at 59,626 lots of 25 tonnes each at the close of trade, higher than the 2015 daily average of 44,600 lots.
The contract hit a more than two-year high of 2,800 ringgit on Oct 18.
Published in Dawn October 25th, 2016
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