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Palm oil gains

August 07, 2018


KUALA LUMPUR: Malaysian palm oil futures edged up on Monday evening, having risen nearly 1 per cent earlier in the day, tracking strength in related edible oils and charting a second straight session of gains.

The benchmark palm oil contract for October delivery on the Bursa Malaysia Derivatives Exchange was up 0.5pc at 2,206 ringgit ($541.08) a tonne at the close of trade. The market earlier rose as much as 0.9pc to 2,215 ringgit. Trad­ing volumes stood at 31,538 lots of 25 tonnes each at the end of the trading day.

Meanwhile, the Septem­ber soybean oil contract on China’s Dalian Commodity Exchange rose 0.8pc and the Dalian September palm oil contract was up 0.6pc. Palm oil prices are influenced by the performance of other edible oils as they compete for a share in the global vegetable oils market.

Published in Dawn, August 7th, 2018