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KUALA LUMPUR: Malaysian palm oil futures rose on Monday, tracking overnight gains in US soyoil on the Chicago Board of Trade (CBOT) and supported by expectations that Indian edible oil imports could jump to record levels this year.
The benchmark palm oil contract for October delivery on the Bursa Malaysia Derivatives Exchange was up 0.6pc at 1,983 ringgit ($482.36) per tonne, snapping two days of losses.
Palm oil may rise to 2,001 ringgit per tonne, as suggested by a projection analysis, said Wang Tao, a Reuters market analyst for commodities and energy technicals.
Published in Dawn, July 23rd, 2019
