KUALA LUMPUR: Malaysian palm oil futures climbed in Tuesday evening’s trade to chart a second straight session of gains on the back of stronger export data.
The benchmark palm oil contract for June delivery on the Bursa Malaysia Derivatives Exchange rose 0.4 per cent to 2,435 ringgit ($621.97) a tonne at the close of trade.
It rose as much as 0.9pc earlier in its trading session before paring some gains. Trading volumes stood at 50,459 lots of 25 tonnes each on Tuesday evening.
“The market is up on stronger export figures today,” said a palm oil futures trader, referring to data released by an inspection company before the midday break.
Exports of Malaysian palm oil products for March 1-20 rose 15.3pc to 913,091 tonnes from the 791,992 tonnes shipped during Feb. 1-20, AmSpec Agri Malaysia said.
Cargo surveyor Societe Generale de Surveillance reported that exports in the same duration rose 13.6pc as shipments to China, Pakistan and India improved.
Published in Dawn, March 21st, 2018
Dear visitor, the comments section is undergoing an overhaul and will return soon.