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Palm oil rebounds

Updated May 20, 2017 06:42am

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KUALA LUMPUR: Malaysian palm oil futures rebounded from early losses on Friday, to rise for a second session in three on expectations of increasing export demand.

The benchmark palm oil contract for August delivery on the Bursa Malaysia Derivatives Exchange was up 0.3pc at 2,635 ringgit ($609.95) a tonne at the close. It earlier fell to 2,597 ringgit, its lowest since Tuesday.

The contract is however down 0.6pc for the week, its first weekly decline in three. Traded volumes stood at 59,010 lots of 25 tonnes each on Friday evening.

“The market rose later in the day on forecasts of rising exports,” said a futures trader in Kuala Lumpur.

Increasing demand could help support palm oil prices, traders said, as shipments are seen rising ahead of Ramadan.

Published in Dawn, May 20th, 2017