KUALA LUMPUR: Malaysian palm oil futures snapped a losing streak to rise for the first time in seven sessions, as traders short-covered the market and official data showed declines in November’s production.
The benchmark palm oil contract for February delivery on the Bursa Malaysia Derivatives Exchange rose 0.6 percent at 2,473 ringgit ($606.57) a tonne on Tuesday evening.
Palm had shed 5.5 per cent in the previous six sessions, hitting a five-and-a-half month low of 2,455 ringgit on Monday evening.
Trading volumes stood at 47,419 lots of 25 tonnes each at the end of the trading day.
Published in Dawn, December 13th, 2017
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