KUALA LUMPUR: Malaysian palm oil futures made gains on Friday evening, their first in three sessions, tracking strength in crude oil prices and as the market saw profit taking in evening trade.
The benchmark palm oil contract for July delivery on the Bursa Malaysia Derivatives Exchange rose 0.5 per cent to 2,414 ringgit ($619.77) a tonne at the close of trade. The market is also up 0.6pc for the week, charting a second week of gains in three. Trading volumes stood at 41,199 lots of 25 tonnes each at on Friday evening.
“The market is seeing some profit taking,” said a Kuala Lumpur-based trader, adding that gains in crude oil prices also lent support to palm’s prices. “Whenever crude reaches $70, it will be supportive to palm.”
Published in Dawn, April 21st, 2018
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