Palm oil up nearly 1pc

Published August 19, 2017

KUALA LUMPUR: Malaysian palm oil futures rose for a second consecutive session by the close on Friday, climbing by nearly 1 per cent and buoyed by expectations of rising demand and tracking gains in palm kernel oil prices.

Another trader said palm prices were also supported by overnight gains in US soyoil on the Chicago Board of Trade (CBOT). The benchmark palm oil contract for November delivery on the Bursa Malaysia Derivatives Exchange was up 0.9pc at 2,681 ringgit ($625.23) on Friday evening, also its strongest intraday gains in a week.

Traded volumes stood at 51,892 lots of 25 tonnes each at the close of trade. “The market is up on expectations of strong demand,” said a futures trader from Kuala Lumpur, as key markets India and China could stock up on purchases of the tropical oil ahead of the Diwali and mid-Autumn festivals in October.

Published in Dawn, August 19th, 2017

Opinion

Editorial

‘Source of terror’
29 Mar, 2024

‘Source of terror’

ALTHOUGH dealing with the presence of terrorist groups in Afghanistan is a major political, security and strategic...
Chipping in
29 Mar, 2024

Chipping in

FEDERAL infrastructure development schemes are located in the provinces. Most such projects — for instance,...
Toxic emitters
29 Mar, 2024

Toxic emitters

IT is concerning to note that dozens of industries have been violating environmental laws in and around Islamabad....
Judiciary’s SOS
Updated 28 Mar, 2024

Judiciary’s SOS

The ball is now in CJP Isa’s court, and he will feel pressure to take action.
Data protection
28 Mar, 2024

Data protection

WHAT do we want? Data protection laws. When do we want them? Immediately. Without delay, if we are to prevent ...
Selling humans
28 Mar, 2024

Selling humans

HUMAN traders feed off economic distress; they peddle promises of a better life to the impoverished who, mired in...