KUALA LUMPUR:Palm oil futures rose for the first time in five sessions on Wednesday, supported by rising export demand and strength in soyoil on the Chicago Board of Trade.
The benchmark palm oil contract for December delivery on the Bursa Malaysia Derivatives Exchange rose 0.1 per cent to 2,770 ringgit a tonne at the end of the trading day. The rise followed four straight declines as palm tracked weakness in related edible oils and was also pulled lower by bearish price outlooks at an industry conference last week.
Traded volumes stood at 64,331 lots of 25 tonnes each on Wednesday evening. “The market is higher on soyoil closing (higher) last night,” said one Kuala Lumpur-based futures trader, referring to CBOT soyoil.
Published in Dawn, September 21st, 2017
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